Based upon my usage of keeping three separate "trusts" in the same one
file/book,
If multiple family members own the same stock,
then the Trading transactions will be a pain to keep correct.
I gave up and went with three separate files/books.
On Mon, Aug 14, 2023 at 12:00 PM James Thomas wrote:
On 8/14/2023 12:11 PM, Paras Desai wrote:
Thanks for a sharing fundamental understanding of accounting, that too
coming from a person who seems to have actually done booking keeping
with pen and paper is a real treat.
LOL --- it wasn't THAT long ago.
In the 1950's (I was a teen in the
I’m not sure why you’re maintaining separate books for each family member
but it occurs to me that, rather than keeping them separate and having
trouble combining when you want, you might try keeping all the accounts
together but giving each a different name (perhaps just add each family
member’s
Thanks for a sharing fundamental understanding of accounting, that too coming
from a person who seems to have actually done booking keeping with pen and
paper is a real treat.
It crossed my mind to treat family members as partners but it would have been
more complicated than maintaining
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.
When I
Generally, I consider equity as a holy account, as it is a result of
all we do with all other accounts, but this case could be an exception.
That's a misunderstanding of equity coming from the (very common)
special case of "sole" entities. But say, for example, the entity were a
<https://aka.ms/AAb9ysg>
>
> From: Stan Brown
> Sent: Monday, August 14, 2023 9:04:48 AM
> To: gnucash-user@gnucash.org
> Cc: Paras Desai
> Subject: Re: [GNC] Consolidation of family member accounts
>
> On 2023-08-13 20:16, Paras Des
:48 AM
To: gnucash-user@gnucash.org
Cc: Paras Desai
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 (
Hello Liz
Thanks for your point. It is absolutely correct and relevant.
As such I am maintaining three separate books for me, my wife and son
independent of each other. And that is why the question came up, how do I
consolidate three separate accounts or books to have a report as what is
Hello Flywire
Thanks for your option. Tagged report is an interesting feature to add. I can
certainly tag transactions, had I been using same books for all family members
to generate report. But I am maintaining three separate books.
However, I have a different user case in my mind, with
Hello Micheal
Thanks a lot for your kind reply.
Yes I am maintaining three separate books for three family members, as that is
the way to go.
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
> it's already available as a custom report which I will maintain for the
time being: https://github.com/dawansv/gnucash-custom-reports
On Mon, 14 Aug 2023 at 09:57, flywire wrote:
> A classic case for a single file with tags:
> https://github.com/Gnucash/gnucash/pull/1623
>
> It works but it
A classic case for a single file with tags:
https://github.com/Gnucash/gnucash/pull/1623
It works but it is not part of standard GnuCash.
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On Sun, 13 Aug 2023 17:04:26 +
Paras Desai wrote:
> 4. Neither is a good practice, as at family level, it will
> erroneously show duplicate expenses (mine as gift to wife and, wife's
> actual expenses with gifted fund)
consider another reason it is not good practice
5. At some time I
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
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
This is the same case as reimbursement tracking. (covered in the Wiki -
Using GnuCash, it might also be in the Tutorial & Concepts Guide)
I would simply create two asset accounts, one for your wife and your son
each.
When you give them money, you would credit your bank/cash-on-hand
account,
:03:06 PM
To: Paras Desai
Cc: gnucash-user@gnucash.org
Subject: Re: [GNC] Consolidation of family member accounts
A transfer between two asset accounts (your account to your wife's) doesn't
need any further entries, unless you're considering these transfers as some
kind of bookable event. A
I'm not a CPA. Just someone that uses and loves GnuCash, so... grains
of salt needed here...
Those are really separate "accounting systems" are they not? Would not
each person maintain their own set of books?
If so, then when you transfer funds to your son, you ~could~ expense
that, and
A transfer between two asset accounts (your account to your wife's) doesn't
need any further entries, unless you're considering these transfers as some
kind of bookable event. Are you paying them, or just transferring them funds?
If the latter, then just two entries crediting/debiting the two
Hello sirs,
1. I am adopting GNC for my family members (me, wife and son)
2. There are lots of transfer takes place between family members. For example,
I transfer an amount to wife account , for her expense or investment. Same for
son.
3. At present I can adopt two approach for such transfer
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