In my case having two separate accounts might make things too complicated I'm guessing, as there's too much overlap. For example, we both use the same phone line, but a certain percentage of use is tax- deductible business use, and the rest is personal/home use. My accountant usually simply applies a reasonable percentage towards business deduction at the end of the year, so I'm presuming that in this example I should have one "phone" bucket and not separate out the portion that's for business? Similarly, with our mortgage payment, a percentage of what we pay can be deducted as a home office expense, which the accountant does at the end of the year; until then I presume I can simply have a single expense bucket for "mortgage"?
Re: income -I'm presuming that even if our combined income is kept in a single "income" bucket, it will be easy after the fact to see who the payee was and figure out if it was income derived from my self- employment business or from her regular work? (or is it really necessary to have two separate income buckets as you have? Again - just curious if I'm on the right track!) Finally, can you explain what you mean by: " When I have business expenses in > my personal account, I usually put them in a Business Expense bucket > and reimburse myself so I keep it clean." in terms of "reimbursing" yourself? Just want to make sure I'm clear on the concept. Much thanks! - Robert On Dec 22, 10:23 am, Kevin Hoctor <[email protected]> wrote: > On Dec 22, 2008, at 8:55 AM, Robert wrote: > > > As a follow-up to an earlier post about the best way to work with > > Moneywell with my wife, etc., another question comes to mind: how > > might I best differentiate in Moneywell between my income (which is > > all self-employment income) and her's (regular-pay-check income), and > > between my expenses (many of them business tax deductions), and hers, > > which are not? I ask because it seems like it would be easier if we > > could have (for example) one joint bucket for all income coming in, > > and similarly one joint bucket for each of the various expense > > categories. But will it get confusing if we have (as an example) an > > "entertainment" bucket, some of which will be tax deductible for me as > > research, some of which will be her's and not tax-deductible, etc.? Am > > I obligated to have "business" and "non-business" income/expense > > buckets for everything (or am I over-thinking this? :-)) > > Thanks in advance! > > Hi Robert, > > I actually keep two MoneyWell documents and try to keep my business > expenses all in my business document. When I have business expenses in > my personal account, I usually put them in a Business Expense bucket > and reimburse myself so I keep it clean. > > For our income, I have two buckets to track Judy's and mine separately > but when I allocate income, these are combined. > > Peace, > > Kevin Hoctor > [email protected] > No Thirst Software LLChttp://nothirst.comhttp://kevinhoctor.blogspot.com --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
