Re: [GNC] Consolidation of family member accounts

[Fred Tydeman]

Based upon my usage of keeping three separate "trusts" in the same one
file/book,
If multiple family members own the same stock,
then the Trading transactions will be a pain to keep correct.
I gave up and went with three separate files/books.

On Mon, Aug 14, 2023 at 12:00 PM James Thomas  wrote:

> I’m not sure why you’re maintaining separate books for each family member
> but it occurs to me that, rather than keeping them separate and having
> trouble combining when you want, you might try keeping all the accounts
> together but giving each a different name (perhaps just add each  family
> member’s initials before each account name). Then you could produce
> statements which included only those accounts pertaining to one entity at a
> time.
>
> You could even make each entity account subsidiary to its master account
> which (the master accounts) would then be the sum of all combined and could
> be displayed exclusively in the combined entity statements.
>
> Without trying it myself I’m not sure how many challenges might arise out
> of this but it might be worth giving a shot.
>
>
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Re: [GNC] Consolidation of family member accounts

[Michael or Penny Novack]

On 8/14/2023 12:11 PM, Paras Desai wrote:
Thanks for a sharing fundamental understanding of accounting, that too 
coming from a person who seems to have actually done booking keeping 
with pen and paper is a real treat. 



LOL --- it wasn't THAT long ago.

In the 1950's (I was a teen in the late 50's) only a few of the largest 
corporations had computers. Almost everybody was still using pens and 
accounting ruled paper. It would still have been true in the 70's and 
early 80's that the majority of bookkeeping was done on paper.


Mind, because I did learn in the late 50's, I do have a better 
understanding of the process and exactly what gnucash is automating. The 
BIG deal is that it is "autoposting" (finding and correcting errors made 
while posting from the journal to the ledger were the bane of our 
existence). The shortcut allowing entry directly into the ledger for 
transactions with just two accounts mimics "cashbook accounting" which 
we had in those pen and ink on paper days just for a small subset of the 
"most popular" accounts (accounting paper only so wide) and gnucash 
extends that to the entire ledger. Another biggie is automatic 
generation of the reports.


Michael D Novack


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Re: [GNC] Consolidation of family member accounts

[James Thomas]

I’m not sure why you’re maintaining separate books for each family member
but it occurs to me that, rather than keeping them separate and having
trouble combining when you want, you might try keeping all the accounts
together but giving each a different name (perhaps just add each  family
member’s initials before each account name). Then you could produce
statements which included only those accounts pertaining to one entity at a
time.

You could even make each entity account subsidiary to its master account
which (the master accounts) would then be the sum of all combined and could
be displayed exclusively in the combined entity statements.

Without trying it myself I’m not sure how many challenges might arise out
of this but it might be worth giving a shot.

Jim Thomas

On Mon, Aug 14, 2023 at 10:48 AM Michael or Penny Novack <
stepbystepf...@comcast.net> wrote:

>
>
> > As I have replied to Liz and addressing your valid point, i am
> maintaining three separate books for each one of us, independent to each
> other. And that is why I raised a query how I can combine or consolidate
> three books to create one virtual book which I would call a family book.
> >
> When I suggested a spreadsheet application (instead of paper) to add up
> the components of individual family members to get a family totals
> report I was not meaning to imply that you could not use gnucash for
> that. I make a lot of use of gnucash for "virtual entities". But that is
> mainly when "sort of like a real entity" so you want the usual reports
> "as if it were a real entity".
>
> Thus when our "solar system" in effect "pays" an electric bill on my
> behalf (we are a "net billing" state)  treated as if this "business"
> received income (no money has changed hands) and when SRECs it generated
> were sold, gets credited for money I received (not it) and debited for
> the tax liability I incurred from that. Similarly, while it was (still)
> paying off the initial loan, implied interest was an expense, its share
> of the property insurance premium, etc. WHY do this? To correctly be
> able to determine when this "investment" paid off (as opposed to the
> over simplified examples they show you which assume interest rates are
> zero and no "other" expenses are incurred) . In other words, when the
> initial loan had been paid off in full (out of its net income) THAT the
> correct date of being paid off. Currently building a "repair and
> replacement" fund.
>
> However, not going to advise "how to" (set up books for virtual
> entities). If you need help, you shouldn't be trying this
>
> Michael D Novack
>
>
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Re: [GNC] Consolidation of family member accounts

[Paras Desai]

Thanks for a sharing fundamental understanding of accounting, that too coming 
from a person who seems to have actually done booking keeping with pen and 
paper is a real treat. 


It crossed my mind to treat family members as partners but it would have been 
more complicated than maintaining individual and independent books for every 
member.

Yes, when I raised question about consolidation, i had in my mind that singular 
entity (I do work for a public limited entity having few subsidiary)  and i was 
kind of trying to mimic the consolidation done between such entities by 
elimination of inter company transaction.

But I will stick with your suggestion to use equity account to post "within 
family" transaction. That is the cleanest way and future ready way.

Thanks again.

With my best regards

Paras

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From: Michael or Penny Novack 
Sent: Monday, August 14, 2023 7:36:06 PM
To: Paras Desai 
Cc: gnucash-user@gnucash.org 
Subject: Re: Consolidation of family member accounts


>
> Generally, I consider equity as a holy account, as it is a result of
> all we do with all other accounts, but this case could be an exception.

That's a misunderstanding of equity coming from the (very common)
special case of "sole" entities. But say, for example, the entity were a
partnership. Then under equity would be the accounts representing the
shares of the partners. And let's say a partner took a "draw" (or in
reverse, made an increase to their investment). Then "cash" would be one
side of the transaction and THEIR equity share the other side.

And of course, back in the days of pen and ink on paper when we did an
actual "close the books" every so often, just like accounts of type
"income" and "expense" are really temporary accounts of fundamental type
equity*, there would be other temporary accounts under equity. Notably
"profit and loss" because the income and expense accounts would first be
closed into that account and then it closed to equity by the net gain of
loss amount << and that account would be the "profit and loss" report >>

IF you were insisting on keeping just one set of books for the family
(but all having their own banks accounts, income, expenses, some
individual and some shared, all doing their own tax reporting, etc.) it
COULD be done using gnucash. But I would strongly suggest you first had
a good understanding about accounting for partnerships, especially
professional partnerships (where partners have income and expenses
considered just theirs as well as income and expenses shared -- often
law firms like this).

Michael D Novack

* Notice that if accounts of type income and expense were actually in
the tree under equity (as opposed to having their own top levels) then
the fundamental equation assets = liabilities + equity remains true in
its simplest form.


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Re: [GNC] Consolidation of family member accounts

[Michael or Penny Novack]

As I have replied to Liz and addressing your valid point, i am maintaining 
three separate books for each one of us, independent to each other. And that is 
why I raised a query how I can combine or consolidate three books to create one 
virtual book which I would call a family book.

When I suggested a spreadsheet application (instead of paper) to add up 
the components of individual family members to get a family totals 
report I was not meaning to imply that you could not use gnucash for 
that. I make a lot of use of gnucash for "virtual entities". But that is 
mainly when "sort of like a real entity" so you want the usual reports 
"as if it were a real entity".


Thus when our "solar system" in effect "pays" an electric bill on my 
behalf (we are a "net billing" state)  treated as if this "business" 
received income (no money has changed hands) and when SRECs it generated 
were sold, gets credited for money I received (not it) and debited for 
the tax liability I incurred from that. Similarly, while it was (still) 
paying off the initial loan, implied interest was an expense, its share 
of the property insurance premium, etc. WHY do this? To correctly be 
able to determine when this "investment" paid off (as opposed to the 
over simplified examples they show you which assume interest rates are 
zero and no "other" expenses are incurred) . In other words, when the 
initial loan had been paid off in full (out of its net income) THAT the 
correct date of being paid off. Currently building a "repair and 
replacement" fund.


However, not going to advise "how to" (set up books for virtual 
entities). If you need help, you shouldn't be trying this


Michael D Novack


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Re: [GNC] Consolidation of family member accounts

[Michael or Penny Novack]

Generally, I consider equity as a holy account, as it is a result of 
all we do with all other accounts, but this case could be an exception.


That's a misunderstanding of equity coming from the (very common) 
special case of "sole" entities. But say, for example, the entity were a 
partnership. Then under equity would be the accounts representing the 
shares of the partners. And let's say a partner took a "draw" (or in 
reverse, made an increase to their investment). Then "cash" would be one 
side of the transaction and THEIR equity share the other side.


And of course, back in the days of pen and ink on paper when we did an 
actual "close the books" every so often, just like accounts of type 
"income" and "expense" are really temporary accounts of fundamental type 
equity*, there would be other temporary accounts under equity. Notably 
"profit and loss" because the income and expense accounts would first be 
closed into that account and then it closed to equity by the net gain of 
loss amount << and that account would be the "profit and loss" report >>


IF you were insisting on keeping just one set of books for the family 
(but all having their own banks accounts, income, expenses, some 
individual and some shared, all doing their own tax reporting, etc.) it 
COULD be done using gnucash. But I would strongly suggest you first had 
a good understanding about accounting for partnerships, especially 
professional partnerships (where partners have income and expenses 
considered just theirs as well as income and expenses shared -- often 
law firms like this).


Michael D Novack

* Notice that if accounts of type income and expense were actually in 
the tree under equity (as opposed to having their own top levels) then 
the fundamental equation assets = liabilities + equity remains true in 
its simplest form.



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Re: [GNC] Consolidation of family member accounts

[G R Hewitt]

I'm coming late to this party I know, but what about looking at it from
another angle.
Suppose you run the 'Family' [cue 'Godfather' theme] as a business and each
of you is a customer?
All the in's and out's would be visible in each customer's account making
it easy to keep track, and all
the heavy lifting would be done between a single set of nominal accounts,
providing the balance sheet and P reports
to show the status of the family's financial state. Were a 'customer' to
leave it's a simple matter to close out the account
with a payment transfer in or out.


On Mon, 14 Aug 2023 at 04:51, Paras Desai  wrote:

> Hello Stan
>
> Thanks for your response.
>
> As I have replied to Liz and addressing your valid point, i am maintaining
> three separate books for each one of us, independent to each other. And
> that is why I raised a query how I can combine or consolidate three books
> to create one virtual book which I would call a family book.
>
> Your and Liz point is absolutely correct and fortunately I am following
> the same.
>
> Thanks a lot
>
> With my best regards
>
> Paras
>
>
>
>
> Get Outlook for Android<https://aka.ms/AAb9ysg>
> 
> From: Stan Brown 
> Sent: Monday, August 14, 2023 9:04:48 AM
> To: gnucash-user@gnucash.org 
> Cc: Paras Desai 
> Subject: Re: [GNC] Consolidation of family member accounts
>
> On 2023-08-13 20:16, Paras Desai wrote:
> > Your idea of debiting equity is good. May need to create a sub account
> of equity  specifically to capture related party transaction (as they call
> in legal parlance ).
>
> Well, that's one possibility. Another would be to have a placeholder
> account, "Family Equity", with three subaccounts for the three of you.
> (No transactions to a placeholder account can be made directly.
> Transactions are always made to a subaccount. In reports, you can set
> placeholder accounts to have value equal to the total of their
> subaccount values.)
>
> Please understand, however, that your question is not really a question
> about GnuCash. GC is just the old pen-and-ink accounting translated to
> computer files. The question of how to structure a transaction has the
> same answer in GC as it would have if you were making pen-and-ink
> transactions in one of those old leatherbound journals.
>
> I didn't see you respond to the person who suggested that you should
> perhaps have a separate book for each of the three of you. As that
> person suggested, if you have everything in one book, when your son
> leaves to establish his own household, it may be significant work to
> separate his affairs for yours. The same is true if you and your wife
> should ever establish separate households, or if one of you should
> predecease the other.
>
> Stan Brown
> Tehachapi, CA, USA
> https://BrownMath.com/
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Re: [GNC] Consolidation of family member accounts

[Paras Desai]

Hello Stan

Thanks for your response.

As I have replied to Liz and addressing your valid point, i am maintaining 
three separate books for each one of us, independent to each other. And that is 
why I raised a query how I can combine or consolidate three books to create one 
virtual book which I would call a family book.

Your and Liz point is absolutely correct and fortunately I am following the 
same.

Thanks a lot

With my best regards

Paras




Get Outlook for Android<https://aka.ms/AAb9ysg>

From: Stan Brown 
Sent: Monday, August 14, 2023 9:04:48 AM
To: gnucash-user@gnucash.org 
Cc: Paras Desai 
Subject: Re: [GNC] Consolidation of family member accounts

On 2023-08-13 20:16, Paras Desai wrote:
> Your idea of debiting equity is good. May need to create a sub account of 
> equity  specifically to capture related party transaction (as they call in 
> legal parlance ).

Well, that's one possibility. Another would be to have a placeholder
account, "Family Equity", with three subaccounts for the three of you.
(No transactions to a placeholder account can be made directly.
Transactions are always made to a subaccount. In reports, you can set
placeholder accounts to have value equal to the total of their
subaccount values.)

Please understand, however, that your question is not really a question
about GnuCash. GC is just the old pen-and-ink accounting translated to
computer files. The question of how to structure a transaction has the
same answer in GC as it would have if you were making pen-and-ink
transactions in one of those old leatherbound journals.

I didn't see you respond to the person who suggested that you should
perhaps have a separate book for each of the three of you. As that
person suggested, if you have everything in one book, when your son
leaves to establish his own household, it may be significant work to
separate his affairs for yours. The same is true if you and your wife
should ever establish separate households, or if one of you should
predecease the other.

Stan Brown
Tehachapi, CA, USA
https://BrownMath.com/
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[GNC] Consolidation of family member accounts

[Paras Desai]

Hello Liz

Thanks for your point. It is absolutely correct and relevant.

As such I am maintaining three separate books for me, my wife and son 
independent of each other. And that is why the question came up, how do I 
consolidate three separate accounts or books to have a report as what is 
happening at family level.

When he goes his own way, once he completes his studies, he can. Bring his 
account and his NetWorth both. And when that happens, my family NetWorth will 
be mine and my wife's combined ( provided we will together, which is more 
likely than not )

With my best regards

Paras

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[GNC] Consolidation of family member accounts

[Paras Desai]

Hello Flywire

Thanks for your option. Tagged report is an interesting feature to add. I can 
certainly tag transactions, had I been using same books for all family members 
to generate report. But I am maintaining three separate books.

However, I have a different user case in my mind, with your report.

Thank you

Paras
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[GNC] Consolidation of family member accounts

[Paras Desai]

Hello Micheal

Thanks a lot for your kind reply.
Yes I am maintaining three separate books for three family members, as that is 
the way to go.

Your idea of debiting equity is good. May need to create a sub account of 
equity  specifically to capture related party transaction (as they call in 
legal parlance ). This will certainly take care of duplication!! This is 
excellent suggestion. I have to transfer all past transaction from expense or 
receivables to this equity account.

Generally, I consider equity as a holy account, as it is a result of all we do 
with all other accounts, but this case could be an exception.


As regarding consolidation, Of course I can arithmetically add three books 
having avoided duplicates, but it is a good feature to have if GNC can have an 
engine to do this!  Of course this is just a desirable and not an essential 
feature.

Thanks a lot for your suggestion

Paras



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Re: [GNC] Consolidation of family member accounts

[flywire]

> it's already available as a custom report which I will maintain for the
time being: https://github.com/dawansv/gnucash-custom-reports

On Mon, 14 Aug 2023 at 09:57, flywire  wrote:

> A classic case for a single file with tags:
> https://github.com/Gnucash/gnucash/pull/1623
>
> It works but it is not part of standard GnuCash.
>
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[GNC] Consolidation of family member accounts

[flywire]

A classic case for a single file with tags:
https://github.com/Gnucash/gnucash/pull/1623

It works but it is not part of standard GnuCash.
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Re: [GNC] Consolidation of family member accounts

[Liz]

On Sun, 13 Aug 2023 17:04:26 +
Paras Desai  wrote:

> 4. Neither is a good practice, as at family level, it will
> erroneously show duplicate expenses (mine as gift to wife and, wife's
> actual expenses with gifted fund)

consider another reason it is not good practice
 5. At some time I anticipate your son will leave home and set up an
 independent household. Having to disentangle accounts at that time
 would be very difficult.

Liz
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Re: [GNC] Consolidation of family member accounts

[Michael or Penny Novack]

On 8/13/2023 1:45 PM, Paras Desai wrote:

Thanks for your reply

The question arises because;

My wife and I maintain separate accounts. She has her own income and tax 
filing. So we need to maintain accounts independent of each other.

But at the same time, we wish to maintain family level account which generally 
gives us idea about

Total Family income, total family expense and total family investment.

This is the same scenario as two independent legal companies wherein one is a 
parent company and another is subsidiary company. Both legal entity has to 
maintain their own accounts/ books for their respective tax filing and legal 
compliances but have to report consolidated financial statement at group level.

Hope I am able to explain the scenario unambiguously

Thanking you

Paras


Yes, understood now. The simplest solution is to have three separate books.

Notice that EACH of these will have a total income, total expense, total 
investment, and total net worth. Surely it would not be difficult to 
simply add triplets to get family totals. If you don;t want to use pen 
and paper, could be a spreadsheet . As for the issue of this duplicating 
the amount of expenses (eg: once when you transfer to wife and again 
when she expends it) this is a matter of how you enter the transfer. 
When you make the transfer, do a "journal transaction". Debit your 
equity instead of an expense (temporary account of fundamental type 
equity). Then the amount transferred will not  falsely duplicate expense 
but will correctly affect your net worth. She would do the same in 
reverse, not enter as income but directly to equity.


Michael D Novack


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Re: [GNC] Consolidation of family member accounts

[Adrien Monteleone]

In that case, you would probably be better served with two books, one 
for yourself and your wife.


In each of those books, you'd have some sort of 'family assets' account 
as a source of funds, that each of you might independently add money to 
before spending it. Either of you could then run reports on money spent 
from that family account. (an alternative would be to maintain a 3rd 
joint book.)


Regards,
Adrien

On 8/13/23 12:45 PM, Paras Desai wrote:

Thanks for your reply

The question arises because;

My wife and I maintain separate accounts. She has her own income and tax 
filing. So we need to maintain accounts independent of each other.

But at the same time, we wish to maintain family level account which generally 
gives us idea about

Total Family income, total family expense and total family investment.

This is the same scenario as two independent legal companies wherein one is a 
parent company and another is subsidiary company. Both legal entity has to 
maintain their own accounts/ books for their respective tax filing and legal 
compliances but have to report consolidated financial statement at group level.

Hope I am able to explain the scenario unambiguously


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Re: [GNC] Consolidation of family member accounts

[Adrien Monteleone]

This is the same case as reimbursement tracking. (covered in the Wiki - 
Using GnuCash, it might also be in the Tutorial & Concepts Guide)


I would simply create two asset accounts, one for your wife and your son 
each.


When you give them money, you would credit your bank/cash-on-hand 
account, and debit their 'reimbursement' account.


Do the reverse if they return any money to you.

When they spend those funds and you want to record the expense, simply 
do so through the reimbursement account as the source of funds and split 
against normal expense accounts as if you had made the purchase.


If they never return any money to you, and/or if they have access to 
spend out of say a checking account directly with an 'allowance limit' 
then you can make those as sub-accounts of the Bank account.


If you need some other level of tracking who spent on what, tag your 
transactions in some way in the Description, Notes, Memo, etc. Then you 
can run a Transaction Report filtered to transactions matching the 
desired 'tag'.


Regards,
Adrien

On 8/13/23 12:04 PM, Paras Desai wrote:

Hello sirs,

1. I am adopting GNC for my family members (me, wife and son)
2. There are lots of transfer takes place between family members. For example, 
I transfer an amount to wife account , for her expense or investment. Same for 
son.
3. At present I can adopt two approach for such transfer
Either I can show transferred amount as gift expense or create account 
receivable in name of family member.
4. Neither is a good practice, as at family level, it will erroneously show 
duplicate expenses (mine as gift to wife and, wife's actual expenses with 
gifted fund)

So my question is

Is there a way in GNC to consolidate family members account to arrive at net 
worth of entire family?

When we do consolidation of accounts, we eliminate inter transaction between 
members (as we do between a parent and subsidiary company in business scenario)

I will be happy to explore the way, if there is any way I can achieve this in 
GNC


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Re: [GNC] Consolidation of family member accounts

[Paras Desai]

Thanks for your reply

The question arises because;

My wife and I maintain separate accounts. She has her own income and tax 
filing. So we need to maintain accounts independent of each other.

But at the same time, we wish to maintain family level account which generally 
gives us idea about

Total Family income, total family expense and total family investment.

This is the same scenario as two independent legal companies wherein one is a 
parent company and another is subsidiary company. Both legal entity has to 
maintain their own accounts/ books for their respective tax filing and legal 
compliances but have to report consolidated financial statement at group level.

Hope I am able to explain the scenario unambiguously

Thanking you

Paras


Get Outlook for Android<https://aka.ms/AAb9ysg>

From: David T. 
Sent: Sunday, August 13, 2023 11:03:06 PM
To: Paras Desai 
Cc: gnucash-user@gnucash.org 
Subject: Re: [GNC] Consolidation of family member accounts

A transfer between two asset accounts (your account to your wife's) doesn't 
need any further entries, unless you're considering these transfers as some 
kind of bookable event. Are you paying them, or just transferring them funds? 
If the latter, then just two entries crediting/debiting the two assets.

When your wife receives the funds this way, there's no change in the family net 
worth. When she buys something, the transaction includes her bank account and 
the proper expense account.

David T.
On Aug 13, 2023, at 8:05 PM, Paras Desai 
mailto:desaipa...@outlook.com>> wrote:

Hello sirs,

1. I am adopting GNC for my family members (me, wife and son)
2. There are lots of transfer takes place between family members. For example, 
I transfer an amount to wife account , for her expense or investment. Same for 
son.
3. At present I can adopt two approach for such transfer
Either I can show transferred amount as gift expense or create account 
receivable in name of family member.
4. Neither is a good practice, as at family level, it will erroneously show 
duplicate expenses (mine as gift to wife and, wife's actual expenses with 
gifted fund)

So my question is

Is there a way in GNC to consolidate family members account to arrive at net 
worth of entire family?

When we do consolidation of accounts, we eliminate inter transaction between 
members (as we do between a parent and subsidiary company in business scenario)

I will be happy to explore the way, if there is any way I can achieve this in 
GNC

Thank you

Paras




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Re: [GNC] Consolidation of family member accounts

[Mark at Lorimark]

I'm not a CPA.  Just someone that uses and loves GnuCash, so... grains 
of salt needed here...


Those are really separate "accounting systems" are they not?  Would not 
each person maintain their own set of books?


If so, then when you transfer funds to your son, you ~could~ expense 
that, and to you it shows as an 'expense' or 'gift', and you have to 
account for that.  If you're giving someone money, don't you have to 
account for and report on that?  That's 'one side' of the transactional 
relationship (a double-post in YOUR account system showing a transfer).


Then, in your sons 'accounting system' he would show an double-posted 
'income' and 'asset', where he would receive income, and it would land 
as an asset.


Your expense and liability (to the tax man) is covered in your entries, 
and your sons 'income and subsequent expenses' are also tracked 
accordingly and properly in HIS accounting system.


Same with your wife.

Then, at tax time, everyone runs their 'books' to see all their incomes 
and expenses...


Does it make sense to break it up this way, to at least understand the 
'flow of monies' between all these individuals?  Because, if so, I think 
it would be possible to 'combine but separate' the 'Son' and 'Wife' 
systems in to a single (hierarchical) account file, and then get your 
taxes report by separating those accounts accordingly...


~mark petryk
~w:http://www.lorimarksolutions.com
~h:KG5OBY
~q:might as well... it's not getting any cheaper

On 8/13/23 12:04, Paras Desai wrote:

Hello sirs,

1. I am adopting GNC for my family members (me, wife and son)
2. There are lots of transfer takes place between family members. For example, 
I transfer an amount to wife account , for her expense or investment. Same for 
son.
3. At present I can adopt two approach for such transfer
Either I can show transferred amount as gift expense or create account 
receivable in name of family member.
4. Neither is a good practice, as at family level, it will erroneously show 
duplicate expenses (mine as gift to wife and, wife's actual expenses with 
gifted fund)

So my question is

Is there a way in GNC to consolidate family members account to arrive at net 
worth of entire family?

When we do consolidation of accounts, we eliminate inter transaction between 
members (as we do between a parent and subsidiary company in business scenario)

I will be happy to explore the way, if there is any way I can achieve this in 
GNC

Thank you

Paras


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Re: [GNC] Consolidation of family member accounts

[David T. via gnucash-user]

A transfer between two asset accounts (your account to your wife's) doesn't 
need any further entries, unless you're considering these transfers as some 
kind of bookable event. Are you paying them, or just transferring them funds? 
If the latter, then just two entries crediting/debiting the two assets. 

When your wife receives the funds this way, there's no change in the family net 
worth. When she buys something, the transaction includes her bank account and 
the proper expense account. 

⁣David T. ​

On Aug 13, 2023, 8:05 PM, at 8:05 PM, Paras Desai  
wrote:
>Hello sirs,
>
>1. I am adopting GNC for my family members (me, wife and son)
>2. There are lots of transfer takes place between family members. For
>example, I transfer an amount to wife account , for her expense or
>investment. Same for son.
>3. At present I can adopt two approach for such transfer
>Either I can show transferred amount as gift expense or create account
>receivable in name of family member.
>4. Neither is a good practice, as at family level, it will erroneously
>show duplicate expenses (mine as gift to wife and, wife's actual
>expenses with gifted fund)
>
>So my question is
>
>Is there a way in GNC to consolidate family members account to arrive
>at net worth of entire family?
>
>When we do consolidation of accounts, we eliminate inter transaction
>between members (as we do between a parent and subsidiary company in
>business scenario)
>
>I will be happy to explore the way, if there is any way I can achieve
>this in GNC
>
>Thank you
>
>Paras
>
>
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>gnucash-user mailing list
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>https://lists.gnucash.org/mailman/listinfo/gnucash-user
>-
>Please remember to CC this list on all your replies.
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[GNC] Consolidation of family member accounts

[Paras Desai]

Hello sirs,

1. I am adopting GNC for my family members (me, wife and son)
2. There are lots of transfer takes place between family members. For example, 
I transfer an amount to wife account , for her expense or investment. Same for 
son.
3. At present I can adopt two approach for such transfer
Either I can show transferred amount as gift expense or create account 
receivable in name of family member.
4. Neither is a good practice, as at family level, it will erroneously show 
duplicate expenses (mine as gift to wife and, wife's actual expenses with 
gifted fund)

So my question is

Is there a way in GNC to consolidate family members account to arrive at net 
worth of entire family?

When we do consolidation of accounts, we eliminate inter transaction between 
members (as we do between a parent and subsidiary company in business scenario)

I will be happy to explore the way, if there is any way I can achieve this in 
GNC

Thank you

Paras


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