On Monday, September 3, 2018 8:42:56 AM -05 Jens Dill wrote: ..snip > > So I have at least 5 pots of money: the two trusts, the two businesses > and my personal funds (cash, bank accounts, and IRAs). Each has its own > liabilities, assets, income, expenses, and equity. I've rejected the > "simple" solution of having 5 different GnuCash files because it's all > my money and I know I'm going to be doing a lot of moving money back and > forth between the different pots. For instance, it makes no sense to > have separate checking accounts or credit cards for the businesses at > this stage, so all business expenses will be paid with personal or trust > money. And the net income from the businesses and the trusts is personal > income, so goes back into my bank account. ..snip
I would recommend to use the "simple" solution: - Different Tax entities will have different tax treatment of expenses, withdrawals etc. Having everything under "one set of book" will make your accountant life's difficult and yours when you have to give him different reports including/excluding transactions from different entities. - I do not think mixing business and personal accounts is a good idea either even with an LLC - Many more reasons outside the scope of gnucash and - I do not think gnucash was designed to keep completely different COAs for different entities under the same file/database. You could keep different sub-accounts of the same type of account for each entity say: Equity --Equity from business -- Equity from trust 1 .... But this would be as complicated or more as keeping different gnucash books. But do not take my word for it, consult your CPA. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
