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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