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

[Mike or Penny Novack]

On 9/3/2018 12:33 PM, Jens Dill wrote:
> On 2018-09-03 12:28 PM, Jens Dill wrote:

> And, I should add, my CPA has told me she would be perfectly happy if 
> I kept everything in spreadsheets. 

Sure she would. You are paying her for her time.

But do not sell spread sheets short. If you had learned bookkeeping back 
i n the old pen and ink on paper days you would immediately realize that 
you COULD have some spread sheets with columns matching the ruled lines 
on traditional ledger and journal paper or in more modern ledger with 
running balance format.

The spreadsheet app could prevent arithmetic errors.

And you could have it all in one with division into entities.

But your spreadsheet would be VERY wide (awkward to view) and not 
protect you from entering transactions that were not in balance. Gnucash 
is  "virtual journal" bookkeeping, you enter transactions directly into 
the ledger, it will tell you if entered not in balance (something will 
show up in Imbalance)

Up to you of course, but I would keep separate books. If my bank would 
not give me multiple accounts, might check on other banks. Perhaps the 
same with the credit card, especially if the business credit cards are 
not carrying balance. It might seem like a lot of extra time entering 
what you see as "duplicate" but consider the amount of time spent 
figuring out even one instance where something got entered incorrectly.

Michael D Novack