Hello Stan Thanks for your response.
As I have replied to Liz and addressing your valid point, i am maintaining three separate books for each one of us, independent to each other. And that is why I raised a query how I can combine or consolidate three books to create one virtual book which I would call a family book. Your and Liz point is absolutely correct and fortunately I am following the same. Thanks a lot With my best regards Paras Get Outlook for Android<https://aka.ms/AAb9ysg> ________________________________ From: Stan Brown <s...@fastmail.fm> Sent: Monday, August 14, 2023 9:04:48 AM To: gnucash-user@gnucash.org <gnucash-user@gnucash.org> Cc: Paras Desai <desaipa...@outlook.com> Subject: Re: [GNC] Consolidation of family member accounts On 2023-08-13 20:16, Paras Desai wrote: > Your idea of debiting equity is good. May need to create a sub account of > equity specifically to capture related party transaction (as they call in > legal parlance 😀). Well, that's one possibility. Another would be to have a placeholder account, "Family Equity", with three subaccounts for the three of you. (No transactions to a placeholder account can be made directly. Transactions are always made to a subaccount. In reports, you can set placeholder accounts to have value equal to the total of their subaccount values.) Please understand, however, that your question is not really a question about GnuCash. GC is just the old pen-and-ink accounting translated to computer files. The question of how to structure a transaction has the same answer in GC as it would have if you were making pen-and-ink transactions in one of those old leatherbound journals. I didn't see you respond to the person who suggested that you should perhaps have a separate book for each of the three of you. As that person suggested, if you have everything in one book, when your son leaves to establish his own household, it may be significant work to separate his affairs for yours. The same is true if you and your wife should ever establish separate households, or if one of you should predecease the other. Stan Brown Tehachapi, CA, USA https://BrownMath.com/ _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
