personal and business

Derek Atkins warlord at MIT.EDU
Wed Dec 29 09:24:36 EST 2010


Hi,

Dave T <dave at davestechshop.net> writes:

> Hi. I'm new to GnuCash. I am going to combine all of my accounts in one file
> - business and personal. I'm looking for suggestions from those who have
> done this. (I am not looking for advice about why it isn't a good idea to do
> this.)
>
> My alternatives, other than GnuCash, are to either use MoneyDance or Quicken
> Home and Business. (I previously used MS Money Personal & Business.) I plan
> to use GnuCash now, but I plan to adapt it to the combined personal and
> business style that I prefer (even though I know there are valid reasons for
> not doing this).
>
> If anyone else is combining business and personal accounts in one file, I
> welcome suggestions about how to best set up the chart of accounts and any
> other tips. I'm looking for replies from people who have figured out the
> best way to make this combined approach work with GnuCash.

For what it's worth, I keep separate books for personal and business.
When I make a business purchase using my personal card I make a
transaction from CCard -> Assets:Business Expenses.  Then when the
business pays me back I transfer that back to my checking account:
A:Business Expenses -> A:Checking

On the business side I would use an employee expense voucher for this,
which is effectively A/P -> Expense and then Checking -> AP.

So yes, you need to double book these transactions.

Just note that a reimbursible business expense is NOT an "Expense" to
you.

> Thanks

> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.

-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


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