joint or shared checking accounts
Dale Alspach
alspach at math.okstate.edu
Fri Dec 31 20:47:41 EST 2004
If you want to keep your partner's funds in the picture so that you can
balance the joint checking account, then you could create a liability
account (or an equity account) my_partner. When your partner contributes
money to the joint account credit my_partner and debit checking. When there
is some joint expense, credit the checking for the total but split the
debit between your appropriate expense account and my_partner.
Because my_partner is a liability and checking is an asset your net worth
will be correct. Your assets and liabilities will be inflated by the
current net contribution by my_partner. Your partner's portion of income
and expenses will never appear in your income and expense accounts.
Just a suggestion.
Dale Alspach
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