Setting Up Sole Proprietorship Books

Don Quixote de la Mancha quixote at dulcineatech.com
Thu Dec 31 18:37:17 EST 2009


Thanks for your help everyone, I really appreciate it.

This being a day of festivity and all, I'll be spending it setting up
my new GnuCash files. :-D

On Thu, Dec 31, 2009 at 1:53 PM, brad <bradhaack at yahoo.com> wrote:
> I have a similar setup, perhaps simpler, with a rental property.  I find
> it very easy to keep my personal stuff & the rental in 1 gnucash file.
> I just have an expense:rental account (+ subaccounts), & income:rental
> account.  It's easy to generate an Income Statement and select only the
> relevant accounts.    One key decider might be if you have a separate
> bank account for your business, or you use the same one.

The finances for my proprietorship can actually get pretty complex.
It has several different sources of income, and a lot of different
kinds of expenses.

I'm mostly happy with the accounts I've set up for my corporation, so
I'm going to export its accounts, create the proprietorship's GnuCash
file, import the corporation's accounts and then fix up whatever needs
to be different.

My proprietorship does have a separate bank account.  I have a debit
card for it, as well as paper checks.  Whenever I possibly can, I pay
for business expenses with one or the other.

The only times I do otherwise are when a vendor only takes cash, or
when I'm in a hurry to buy something, there's not enough money in the
business account and it would take too long or be too inconvenient to
transfer money into the business.

I keep some large envelopes in the glove compartment of my car, one
for personal debit/ATM receipts, the other for the proprietorship
debit/ATM receipts, and the third for business expenses that I paid
out of personal funds.  That makes it easier to track loans of
personal funds to the business.

Don Quixote
-- 
Don Quixote de la Mancha
quixote at dulcineatech.com
http://www.dulcineatech.com

   Dulcinea Technologies Corporation: Software of Elegance and Beauty.


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