On 2018-09-03 11:52 AM, David Cousens wrote:
This is strictly an accounting question as the accounting solution will be
very dependent upon the legislation governing the trust in your
jurisdiction....
Your point is well taken. I am consulting my CPA. But the purpose of my
bookkeeping is simply to organize the information to feed to the CPA,
who will presumably keep the proper books for tax purposes.
You can run with multiple instances of GnuCash, open at the same time so it
is concievable to operate several books and switch between them as required
to create the corresponding entries in each set of books when you transfer
money between entities .
The problem here is duplication of effort. I will be paying business
expenses with my personal checking account and credit cards. Those
accounts need to be managed in my "Personal" domain, and there is no
need to duplicate them in each of my business entities. If I go with
multiple instances of GnuCash, then each business purchase gets entered
at least three times, once in my personal entity as a transaction on the
checkbook or credit card statement, again in my personal entity under
Accounts Receivable, then as an Accounts Payable in my Business entity.
All very well and good and proper, but two or three times as much work
as entering it once. And the Accounts Receivable entry in one entity is
never automatically cross-checked or balanced with the Accounts Payable
entry in the other entity. So I'm losing the power of GnuCash to manage
my double-entry bookkeeping for me in this critical and
frequently-occuring situation.
-- Jens
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