personal and business

[brad]

I have a business, a rental property.  With only about 4 - 6
transactions per month.  It's simple to keep it separate with it's own
income, expense & liability accounts.  All the money flows thru my
checking account.  I don't think it is worth it to keep a separate
gnucash file for these.  Even if there were 10 times that many
transactions I'm not sure if it would be worthwhile.  Seems like if I
were to get audited I could generate reports w/ the required
information.


For me I think it depends on how many transactions you have.  
On Wed, 2010-12-29 at 16:48 -0500, Mike or Penny Novack wrote:
> >Thanks for your clear description. That's exactly the thing I want to avoid.
> >Using MS Money Personal & Business allowed me to avoid that double work and
> >I am hopeful to find an equally efficient solution that involves GnuCash.
> >Shane's reply seems to point me in the right direction... I'm designing a
> >chart of accounts now (although my lack of experience doing such things is
> >giving rise to a lot of questions and I'm not able to refer to the standard
> >recommendations).
> >Regards,
> >Dave
> >  
> >
> Stupid question on my part. WHY would you want to have one set of books 
> covering two entities? Yes I understand this could reduce the work when 
> entering those (few?) transactions where these split between the 
> entities. But I would think that far outweighed by the consideration 
> that being required to show the books of  the business would force you 
> to disclose your personal books. Violates the rule about never 
> voluntarily disclosing what you don't have to.
> 
> You aren't required to have personal books so under few conditions can 
> be required to produce them.
> 
> Michael
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.