Topic: No Equity class?
I'm new to accounting and FA both of which i'm trying to understand so I can use FA for my accounting needs. I'd like to know why there is no Equity class and why Retained Earnings and Share Capital have class Liability instead of Equity? For my real estate and property management business, if I want to record funds received from landlords for repairs, for example, my understanding is that I would need to debit an asset reserve account and credit an owner equity (capital) account? However, there is no Equity class or accounts. I tried to create one and put an owner capital account in it but it doesn't look right in the balance sheet where any amounts in equity gets subtracted from assets. This is confusing. Thanks for any feedback.