On Wednesday, 12 July 2017 12:17:38 BST Matthew wrote: > Hi Maf > > That's just what I was looking for - thanks. > > As a best practice, is it better to keep all accounts in one GC File, or > to split across many? > > e.g. should I have one File for wife's account, one for mine, one for > joint etc? > > Regards > > Matt
Hi Matt, I assume from your email address you are in the UK, as I am. The honest answer is : it depends on your circumstances. Let me expand on that helpful comment! *One* of the purposes of using software such as GC is to allow you to generate reports and help you keep your tax position straight. If you and your wife have simple tax affairs (ie all income is PAYE taxed etc) then you probably don't need to fill in a tax return or deal with anything more complicated than the annual p60 tax summary, in which case a combined GC probably saves work if you transfer money between each others & joint bank accounts. However, I have separate file for me, the wife & the joint accounts - because we both have tax returns to worry about. In general, separate files for each legal entity (person, company, partnership, sole trader, trust, estate (ie executor of a will) etc) is a good idea to keep clearly defined lines and help avoid mis-categorisation, but it does mean a little more work. I'm not an accountant or lawyer, if you have "complications", it would be wise to have a quick chat with a professional about this. 0.02 Maf. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.