[GNC] How to best set up account structure for multiple Tax IDs?

[floppy5.25]

On Monday, September 3, 2018 8:42:56 AM -05 Jens Dill wrote:
..snip
> 
> So I have at least 5 pots of money: the two trusts, the two businesses
> and my personal funds (cash, bank accounts, and IRAs). Each has its own
> liabilities, assets, income, expenses, and equity. I've rejected the
> "simple" solution of having 5 different GnuCash files because it's all
> my money and I know I'm going to be doing a lot of moving money back and
> forth between the different pots. For instance, it makes no sense to
> have separate checking accounts or credit cards for the businesses at
> this stage, so all business expenses will be paid with personal or trust
> money. And the net income from the businesses and the trusts is personal
> income, so goes back into my bank account.
..snip

I would recommend to use the "simple" solution:

- Different Tax entities will have different tax treatment of expenses, 
withdrawals etc.  Having everything under "one set of book" will make your 
accountant life's difficult and yours when you have to give him different 
reports including/excluding transactions from different entities.
- I do not think mixing business and personal accounts is a good idea either 
even with an LLC
- Many more reasons outside the scope of gnucash 
and
- I do not think gnucash was designed to keep completely different COAs for 
different entities under the same file/database.

You could keep different sub-accounts of the same type of account for each 
entity say:
Equity
--Equity from business
-- Equity from trust 1
....
But this would be as complicated or more as keeping different gnucash books.

But do not take my word for it, consult your CPA.