[GNC] help setting accounts to track contributions
Mike or Penny Novack
stepbystepfarm at dialup4less.com
Sat May 5 09:06:55 EDT 2018
On 5/4/2018 9:24 AM, Matthew Pounsett wrote:
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>
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> This doesn't sound straightforward at all. What's complicated about
> treating joint contributions to the household coffers as "income" to
> the household? Treating that income as ever-increasing equity would
> confuse P&L and cashflow calculations, wouldn't it?
AS DESCRIBED this apartment/house partnership has no income. The P&L
report not so strange if you consider some of the alternative names for
this report that not or profit entities use. Thus "Income and Expenses"
except that as described, no income.
BUT --- there COULD be income. Let's say that this were a house or large
apartment, and in addition to the partners living there and sharing
expenses they sometimes rented out a room to a non-partner. THAT would
be income to the partnership.
BTW -- there might be other, actual business partnerships, even ones
intended to make a profit, that initially and perhaps for some time
would have no income. Imagine a partnership that came together for the
purpose of buying some real estate with currently un-inhabitable
buildings, fixing this up, and later selling it for a profit. Could be a
project that took a couple of years to complete. Do you not see that
pretty much until the end there would be no income?
Michael D Novack
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