Outside partnership expense transactions

Hcorewisco fenderstrat55 at gmail.com
Sat Feb 16 18:02:27 EST 2013


Hey all,

I've been using gnucash for the past week to keep records for the band I'm
in.  It's been fantastic....so much better than my primitive spreadsheet
skills.  The band is set up as a registered LLC partnership, and we all take
equal (1/4) shares in any profits/revenue/losses.

Because of this, I am unsure how to enter my own personal expenses (mileage,
equipment, food, etc...) which don't use any band assets.

*Example:*

We just used $275 of existing band cash to purchase an in-ear monitor system
for the singer and guitar player.  The system will now belong to everyone in
the band equally, and is easy enough to list as an expense.  However, if I
buy a set of bass strings for $40, the band doesn't share that
expense...it's 100% mine.  How would I enter that transaction into gnucash? 
We all have draw accounts, so maybe it has something to do with that?

Or, for anyone tax savvy, should my personal expenses relating to the band
be something to leave out of the band gnucash file?  

Should I keep a separate list of them to report on my K-1 instead of being
calculated into form 1065 with the band?

I'm pretty gnu (see what I did there?...unoriginal, I know) to all of this. 
I've spent a lot of time lately just trying to soak up information about
taxes and accounting so April 2014 goes more smoothly than this year.  Felt
it was time to reach out, though.

Appreciatively,
Mike



--
View this message in context: http://gnucash.1415818.n4.nabble.com/Outside-partnership-expense-transactions-tp4659931.html
Sent from the GnuCash - User mailing list archive at Nabble.com.


More information about the gnucash-user mailing list