I'm coming late to this party I know, but what about looking at it from another angle. Suppose you run the 'Family' [cue 'Godfather' theme] as a business and each of you is a customer? All the in's and out's would be visible in each customer's account making it easy to keep track, and all the heavy lifting would be done between a single set of nominal accounts, providing the balance sheet and P&L reports to show the status of the family's financial state. Were a 'customer' to leave it's a simple matter to close out the account with a payment transfer in or out.
On Mon, 14 Aug 2023 at 04:51, Paras Desai <desaipa...@outlook.com> wrote: > 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. > _______________________________________________ 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.
