New user - do I need to set up my personal accounts as a business?

[ph hermes]

i agree. from a clarity perspective, i'd keep them separate somehow. money
can trigger strong emotions (does in my family) and clarity, separateness
helps a lot.

       ph


~:~:~:~:~:~:~:~:~:~:~:~:~:~:~:~:~:
writer ~:~ photographer ~:~ book designer
resident manager
paulahendricks.com

On Tue, Dec 29, 2015 at 12:09 PM, Buddha Buck <blaisepascal at gmail.com>
wrote:

> GnuCash allows you to create new accounts and delete unused ones at any
> time, which is necessary to customize your chart of accounts as you need.
> The various options given upon initial startup with a new GnuCash file
> merely creates a set of "default" accounts, which can be used to begin your
> customization.
>
> It is unlikely that, for your situation, either of the "full set of
> business accounts" or the "standard personal setup" will be exactly what
> you need. Which you choose depends on which you feel is closest, and
> whether you feel like adding new accounts or deleting old accounts more to
> match your needs.
>
> Looking over your scenario, I would consider setting up a second GnuCash
> file to deal with the informal property venture. Dealing with inter-partner
> loans, payments, property bills, etc in your own personal books sounds like
> a mess. Yes, it'll mean entering any transaction involving you twice (once
> in your books, once in the property ventures books), but it'll help enforce
> the separation of concerns. After all, you have such issues like a loan
> from the property venture to you looks like an asset to the property
> venture and a liability to you, and keeping that clear in one book holding
> both sides is not obvious.
>
>
> On Tue, Dec 29, 2015 at 2:36 PM slpaul <spauldxb at gmail.com> wrote:
>
> > Hi
> > I've been through the guide and forums but I'm still not sure how best to
> > set up my accounts. Any help would be appreciated.
> >
> > I've a personal bank account and joint account (shared with wife). The
> > joint
> > account sometimes receives money from friends/partners (5 other people)
> in
> > an informal property venture, which is then used to pay bills on the
> > property. Sometimes I'll pay someone's share of a bill, which I need to
> > collect later. I need to record what bills the money has paid, who owes
> > what, what bills need paying, etc.
> >
> > Additionally,I sometimes borrow money from the joint account and/or
> wife's
> > account (and vice versa), which needs to be recorded and repaid.
> >
> > A full set of business accounts seems overkill (and time consuming) but
> the
> > standard 'personal' setup doesn't seem up to the job (or I'm missing
> > something (probably the case)).
> >
> > Thanks.
> >
> >
> >
> > --
> > View this message in context:
> >
> http://gnucash.1415818.n4.nabble.com/New-user-do-I-need-to-set-up-my-personal-accounts-as-a-business-tp4682138.html
> > Sent from the GnuCash - User mailing list archive at Nabble.com.
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