Small biz: personal vs. company accounts hierarchy?

Chris Shenton chris at shenton.org
Thu Mar 25 17:05:30 EST 2004


I'm pretty new to gnucash but would really like to use it for my
one-person company which operates as an LLC.

I can create personal accounts for banks, credit cards, expenses, etc.
But I don't know how to separate this from the LLC in- and out-flow

The LLC invoices a client, the client cuts a check to the LLC, it gets
deposited in the LLC's checking account.  The LLC then writes a check
to me (the human) for hours worked; it also writes checks for
business-related expenses including a credit card for the LLC.

So how do I set up accounts for me (the human) versus the LLC?

I've read the Concepts Guide and it looks like I should enter LLC
invoices submitted and paid via an Account Receivable account.  I
presume I record LLC expenses (including paying the human) in an
Accounts Payable account.  How 'bout the LLC's checking account (which
is where checks from clients get deposited) and the LLC's credit card
account? In various reports and summaries, how do I keep LLC assets,
liabilities and such distinct from my (human) accounts?

I'm not clueful enough about accounting principals, practices and
vocabulary yet, sorry.  Thanks for your help.


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