Business acct.

[Maf. King]

On Fri 27 April 12 08:20:01 Trenton Hall wrote:
> ok, so, I've started a separate data file for Notary work. Since I don't
> have a checking/savings just for this, is there a way to
> connect the personal checking/savings accounts w/the notary income, since I
> deposit notary income into my personal checking/savings or cash in some
> cases.  I actually have another program that does track notary income and
> jobs, though not to my liking.   I'm sort of experimenting w/GC to see if I
> can use this for both or just back up for notary work.
> 


Hi Trenton,

If you are using your personal checking account to hold onto the Notary 
business money, then I suppose that I would suggest that you create a dummy 
bank account in the Notary books, so that you have somewhere to transfer to.  
you could call it Assets:LookedAfterByTrenton, for example, which is fairly 
accurate as a description!

In the personal books, I would probably create a new liability account, called 
Liability:LoanedByNotary and also sub-account of checking to hold that pool of 
money.  It does mean entering the bank transactions twice, once in the notary 
books and once in the personal.

I'll say it again, though - if you and the notary business are 2 separate 
entities, be careful to keep them financially segregated, just in case the tax 
inspector pays you a visit....often they are easily confused, but always keen 
to charge!

Maf.