Subsidiary virtual accounts

Cliff Smith cliff at oneuk.com
Mon Jan 16 11:07:56 EST 2017


Thanks Mark, I'll see what can be done. Having a separate bank account for
the business would help with reconciliation.

On 16 January 2017 at 14:48, Mark Phillips <mark at phillipsmarketing.biz>
wrote:

>
> My self-employed business does not
>> have its own bank account - money goes into and out of the household
>> cheque
>> account, but it needs to be accounted separately for tax purposes.
>>
>
> Cliff, I suggest you make your life much easier and get a separate
> checking account for your business. I don't know the cost of checking
> accounts in the UK (I assume you are in the UK given your email
> address...), but in the US they are cheap, and banks usually combine the
> balances of all your accounts to help you get over the min balance
> requirements. There are many ways to reduce/eliminate the fees for multiple
> accounts. Talk to a "business banker" at your branch for some ideas. They
> aren't called relationship bankers for nothing. If your bank is not
> helpful, shop around - there will be one that wants your kind of business.
>
> Just my two cents based on my experience with running a household set of
> books, my company's set of books, and two non-profits (also mine) set of
> books.
>
> As far as GNUcash is concerned, either using separate files or one file is
> a personal choice. Personally, I use separate files as the interactions
> between the accounts are just transfers of cash which is easy to
> implement/track across multiple files. In the File menu of GnuCash there is
> a list of the last used files, so switching is a matter of picking an item
> from a menu; no need to stop and start the whole program.
>
> Mark
>
>


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