50% split

John Ralls jralls at ceridwen.us
Mon Jan 26 11:56:55 EST 2015


> On Jan 25, 2015, at 4:55 PM, vincent <vincent.fortune at live.com> wrote:
> 
> Hi, new to Gnucash. I have what I hope is a simple question.. My Partner 
> and I run a small business (tiny!)We have to file 3 returns, one for the 
> partnership and one each for ourselves. So I've done the income/expense 
> account for the partnership (our joint earnings and expenses) and its a 
> 50/50 split. I'm sure there must be a really simple way to divide 
> everything in half and allocate half the income and half the expenses to an 
> account in my name, and an account in her name - but I can't find a way, 
> apart from going through and transferring 50% from the partnership to my 
> account, and 50% from the partnership to her account - with every entry. 
> There must be a way, right? Thanks in advance, and step by step if you 
> could, I am unused to accounting in any case. 

The best approach is to leave the tax stuff out of the books and keep it in the tax forms. The US tax forms include schedule K-1 for reporting the partner’s shares of income and expense to the partners, so a US taxpayer (e.g. me, as I have a small real estate partnership with my brother and sister) would prepare those from the partnership’s books and use them to prepare the partner’s taxes. Those transfers don’t really have any meaning in the partner’s books so there’s no good reason to transfer them.

Regards,
John Ralls





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