Using multiple accounts in single file

[Matthew]

Hi Maf

Thanks for the response.  I am in the UK.

I am leaning towards having separate accounts, but am still in the trial
phase to see if GC is right for me.  I think it will be if I can get my
head around the quirks.

I have an accountant so I shouldn't get too far out of my depth.

thanks

Matt


On 12/07/17 13:43, Maf. King wrote:
> On Wednesday, 12 July 2017 12:17:38 BST Matthew wrote:
>> Hi Maf
>>
>> That's just what I was looking for - thanks.
>>
>> As a best practice, is it better to keep all accounts in one GC File, or
>> to split across many?
>>
>> e.g. should I have one File for wife's account, one for mine, one for
>> joint etc?
>>
>> Regards
>>
>> Matt
> Hi Matt,
>
> I assume from your email address you are in the UK, as I am.
>
> The honest answer is : it depends on your circumstances.
>
> Let me expand on that helpful comment!
>
> *One* of the purposes of using software such as GC is to allow you to generate 
> reports and help you keep your tax position straight.
>
> If you and your wife have simple tax affairs (ie all income is PAYE taxed etc) 
> then you probably don't need to fill in a tax return or deal with anything more 
> complicated than the annual p60 tax summary, in which case a combined GC 
> probably saves work if you transfer money between each others & joint bank 
> accounts.
>
> However, I have separate file for me, the wife & the joint accounts - because 
> we both have tax returns to worry about.  In general, separate files for each 
> legal entity (person, company, partnership, sole trader, trust, estate (ie 
> executor of a will) etc) is a good idea to keep clearly defined lines and help 
> avoid mis-categorisation, but it does mean a little more work.
>
> I'm not an accountant or lawyer, if you have "complications", it would be wise 
> to have a quick chat with a professional about this.
>
> 0.02
> Maf. 
>