On Mon, 3 Sep 2018 09:42:56 -0400 Jens Dill <j...@wellhall.org> wrote:
> 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. Currently I am "only" managing 4 entities. I have four files, one for each set of books and each is allowed a certain space on my monitor so I can have all four open at once. For many years I only used the one credit card, but now have a (major company) debit card on the business account, so the number of entries where I paid from personal funds and eventually paid it back "Liability:Internal Loan" is now minimal, and reflects cash transactions usually. I don't worry about the business features for this use of Gnucash. As I am in charge of the file, I can just check the balance of the liability account and decide whether to pay myself that money or not. However, each entity has at least one bank account - as I have been doing this for a long time, I have accumulated some assets. The concept that you are using a single bank account for your personal and business at present pushes you into having to combine the the data so you can reconcile the account. I'm not in your jurisdiction, but I strongly advice untangling your business and personal bank accounts and financial recording. Mike Novack will give you many good reasons for this, including when you sell the business not exposing your personal accounts to scrutiny when displaying the profitability of your enterprise. Liz _______________________________________________ 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.
