Small biz: personal vs. company accounts hierarchy?

[Derek Atkins]

Chris Shenton <chris at Shenton.Org> writes:

> Derek Atkins <warlord at MIT.EDU> writes:
>
>>> So how do I set up accounts for me (the human) versus the LLC?
>>
>> Two files.
>
> Makes sense. Are these two files totally distinct? That is, if I open
> the LLC file and enter an expense to pay the human, does that create a
> corresponding transaction in the file for the human?  Or do I need to
> enter the same payment in both files, separate, creating a potential
> for data entry inconsistency?

The latter; gnucash wont create transactions across multiple files.
You need to treat them separately.  First you enter the txn in the
business accounts, and then you enter the txn in the personal accounts.

>> I'd recommend an accounting-101 book..  Or at least read the Gnucash
>> Manual.
>
> Just picked up the (gasp) Idiot's Guide to Finance and
> Accounting as suggested by other posters here recently.
>
> Many thanks.

-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available