Shared asset with brother, mortgage involved, not mine, how to account for that?

[Mike or Penny Novack]

Daniel Farfán Muñoz wrote:

> The agreement is: each of us owns 50% of the office value.
>
> So, should I separate the office accounting to another gnucash file?
>
> Then, how do I account in my personal finance file how much I own of 
> the office at a certain time? I own the 5% plus 50% of the paid mortgage.
>
> Thanks!

What I think is confusing you is your "intimate" connection with this 
"business".

Consider for just a moment that you did not have such an intimate 
connection, that this was an investment in a partnership where you were 
not also involved with keeping the books of the partnership entity. How 
would this show in YOUR (personal) books? And what would your 
investment, your liability, your drawings (positive or negative) look 
like in both your books AND on the books of the partnership. THAT is why 
I am referring you to "accounting for the small general partnership".

When you know WHAT to do we can help you with the HOW to do using 
gnucash. With many of the commercial products, the vendor offers for 
sale (for an additional price) add ons providing pre built skeletons for 
some of the more popular needs. Those aren't actually different versions 
of their programs but simply data skeletons (skeletons of the books) as 
they would be for this or that particular sort of entity (by the rules 
of some of the larger jurisdictions). In other words, looks to the end 
user as if different programs but not really. Less popular sorts of 
entities in less populous jurisdictions would not have this "support" 
offered.

Use of gnucash does NOT mean that you don't need the help of an 
accountant if you don't know how to set up books for your particular 
sort of entity in your particular jurisdiction. Essentially, you DO have 
to know "how would I be setting this up in the old fashioned pen and ink 
on paper days" and if you don't already know that, be able to learn it 
OR get professional help. You have accounting questions, not gnucash 
questions. I, for example, lack the qualifications to tell you WHAT to 
do (even though I might know the answers or where I don't, know how to 
look them up).

Michael D Novack