50/50 split on partnership return

[Mike or Penny Novack]

On 1/25/2015 8:29 PM, vincent wrote:
> hi, I'm new to Gnucash. I hope this turns out to be a simple question for you
> guys. I have a small business with my partner and we have to file 3 tax
> returns, one for our partnership, and one each under our own names. I've
> done the income/expenses for the partnership, but there must be a way of
> creating 2 accounts, one in each of our names, and getting gnucash to put
> half the expenses in mine and half in hers and half the income in mine, and
> half in hers, so that we have one account with the total income/expenses for
> the partnership, and 50% of the total income/expenses in each of our
> accounts. Other than going through each entry and transferring half the
> amount to each, I can't immediately see a way to do it. Thanks in advance
We can tell you how to "do it with gnucash" (as opposed to using a 
different program or even the old fashioned way pan and ink on paper) 
but it's not our place to instruct you in basic bookkeeping. You really 
need to get and read material on "accounting for the small partnership".

It is because you haven't (yet) done so that you misunderstand your 
problem. It would be VERY unusual to do what you appear to want to do, 
divide up each item of income and expense as you go. I have never seen 
the books of a partnership where this was done. What is normal is that 
you FIRST keep books for the partnership (just enter the transactions 
there -- including partner's "drawings" or "contributions") and then at 
the end of the year after "preclose" enter  the adjusting transactions. 
In other words, it is just the TOTALS you need transfer to the equity 
accounts representing each partner's share and you do that usually just 
once a year. Again, I am referring you to "accounting for the small 
partnership" material. You need to learn "what do I need to do" and then 
we tell you "how to do if using gnucash".

Michael D Novack