On 8/13/2023 1:45 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
Thanking you
Paras
Yes, understood now. The simplest solution is to have three separate books.
Notice that EACH of these will have a total income, total expense, total
investment, and total net worth. Surely it would not be difficult to
simply add triplets to get family totals. If you don;t want to use pen
and paper, could be a spreadsheet . As for the issue of this duplicating
the amount of expenses (eg: once when you transfer to wife and again
when she expends it) this is a matter of how you enter the transfer.
When you make the transfer, do a "journal transaction". Debit your
equity instead of an expense (temporary account of fundamental type
equity). Then the amount transferred will not falsely duplicate expense
but will correctly affect your net worth. She would do the same in
reverse, not enter as income but directly to equity.
Michael D Novack
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