In that case, you would probably be better served with two books, one
for yourself and your wife.
In each of those books, you'd have some sort of 'family assets' account
as a source of funds, that each of you might independently add money to
before spending it. Either of you could then run reports on money spent
from that family account. (an alternative would be to maintain a 3rd
joint book.)
Regards,
Adrien
On 8/13/23 12:45 PM, Paras Desai wrote:
Thanks for your reply
The question arises because;
My wife and I maintain separate accounts. She has her own income and tax
filing. So we need to maintain accounts independent of each other.
But at the same time, we wish to maintain family level account which generally
gives us idea about....
Total Family income, total family expense and total family investment.
This is the same scenario as two independent legal companies wherein one is a
parent company and another is subsidiary company. Both legal entity has to
maintain their own accounts/ books for their respective tax filing and legal
compliances but have to report consolidated financial statement at group level.
Hope I am able to explain the scenario unambiguously
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