[GNC] keeping entities separate

[Stephen M. Butler]

On 08/13/2018 08:28 AM, Adrien Monteleone wrote:
> The learning curve is infinite, it just flattens out with occasional small bumps.
>
> Before proceeding any further - talk to a local CPA about your specific situation.

And chat with your attorney about how much asset protection you need
between you and the businesses (and between each business).  That may
also dictate how much effort you need to expend to keep them separate
(or co-mingled).
> Generally though, are they legally separate entities that you file separate tax returns for? Then you likely want to separate them. If they are pass-throughs and you file everything on personal tax forms, you most likely want them in the same file.
>
> As Michael noted, you can structurally segregate or simply ’tag’ your business transactions for your own sanity and internal reporting purposes but this will require a well thought out plan and the discipline to not co-mingle business transactions with personal.
>
> If you need to separate these transactions into individual books, I’d say you need to structurally separate them using specialized accounts or account trees, then exporting the accounts/tree for each entity and then importing them into blank books accordingly. Some data might have to be manually entered, or take a round trip through a spreadsheet as not everything is easily exportable. (customers and vendors come to mind)
>
> So the process of dividing into multiple books starts with arranging the single book as if you’d keep it all together anyway.
>
> After you talk to your CPA and you decide on a course of action, we can of course assist with describing the options and methods and point you in the right direction.
>
> Regards,
> Adrien
>
>> On Aug 13, 2018, at 7:52 AM, patrushkha via gnucash-user <gnucash-user at gnucash.org> wrote:
>>
>> I just started using Gnucash and thought I'd gotten through the learning curve; I have 2 small businesses and entered both of them as well as my personal data, but discovered they are all mixed together. At least I think so, I'm not versed enough to understand how I got there or how to untangle entities.
>> Can anyone suggest a process to separate them OR do I have to start all over? 
>>
>> I'm also willing to hire someone to get me on track- Los Angeles area.
>>
>> Thank you so much,
>> Pat
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-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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