Account layout for a personal business

[John Layman]

My wife and I have a home-base business (general partnership) together, and
I have found it simpler to maintain separate files for business and personal
accounts.  The problem with combining them is that investments throw the
trial balance out of whack.  Our finances aren't completely clean, in that
business expenses are sometimes made from personal pocket cash, part of our
phone bill is business expense, etc.  I treat these cross transactions
through equity accounts as draws or capital contribution and GNUCash
transitions quickly enough from one file to the other that switching back
and forth has not proven to be inconvenient.  Our business trial balance is
always balanced, but our personal accounts are not.

-----Original Message-----
From: gnucash-user-bounces at gnucash.org
[mailto:gnucash-user-bounces at gnucash.org] On Behalf Of trythis
Sent: Sunday, May 02, 2010 2:29 PM
To: gnucash-user at gnucash.org
Subject: Re: Account layout for a personal business


I have a similar problem.

I set it up like so:

AP Assets Personal
__+accounts receivable
__+assets current
___++bank accounts
__+etc
AB Assets Business
__+assets current
___++bank accounts
__+etc
EB expense Business
__+ etc
__+ etc1
__+ etc2
EB Expense Business
__+ etc
__+ etc1
__+ etc2
Equity
__+business equity
__+opening balances
IP income Personal
__+ etc
__+ etc1
__+ etc2
IB Income Business
__+ etc
__+ etc1
__+ etc2
LB Liabilities Business
__+ etc
__+ etc1
__+ etc2
LP Liabilities Personal
__+ etc
__+ etc1
__+ etc2
The abbreviations keep them in order and make it easy to type in the account
selections when categorizing IP Income Personal etc


I only have one Equity account because I don't have LLC's or corporations
that I have to keep separate, its all my equity.  My business stuff is all
sole proprietorship and it would be nutty to have separate gnucash accounts.
I have no accounting training, so this might be a terrible way to keep it
straight, but I cant imagine trying to send money to and from separate
gnucash files for business purposes.
--
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