sole proprietorship with respect to my PERSONAL books?

[Mark Phillips]

I am not an accountant, so take my advice with a large (horse sized) salt
lick....;)

Money from your personal account is an investment in your business...no
different than buying any other investment (eg shares in a mutual fund).

Money into your personal account is income from your investment....just as
if the mythical mutual fund sent you a dividend check.

How that helps,

Mark

Mark
Sent from my Android phone.
On Feb 13, 2013 1:27 PM, "Paul Elliott" <pelliott at blackpatchpanel.com>
wrote:

>
> I will have 2 books=files, one for my sole proprietorship, the other
> for my person. Everybody said I had to do it that way.  I understand
> that money I initially put into the business will be "balanced" by an
> equity account called "Opening Balances". When I remove money from the
> business, it will be balanced, by an equity account called "Drawing
> Account".
>
> But how should I view these transactions from the point of view of my
> PERSONAL books? When money disappeared from my personal bank accounts
> to start the business, what is the "other half" of that transaction on
> my personal books? When later money appears in my personal accounts
> from the business, what is the "other half" of those transactions?
>
> Should I create PERSONAL accounts under equity, that will move in the
> opposite way as the corresponding business accounts? What is the
> canonical way to do this? What should be the name of the accounts,
> when things are done the "standard" way?
>
> Thank You for reading/answering my dumb question.
>
> --
> Paul Elliott                               1(512)837-1096
> pelliott at BlackPatchPanel.com               PMB 181, 11900 Metric Blvd
> Suite J
> http://www.free.blackpatchpanel.com/pme/   Austin TX 78758-3117
>
> _______________________________________________
> 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.
>