[GNC] Unusual book need

[Michael or Penny Novack]

On 4/15/2022 5:00 AM, Jeff wrote:
> I need to move transactions from from one set of books to another one.
>
> I didn't realize while entering transactions in my dads books that 
> they should have gone into mine.  My dad opened a bank account that I 
> did not know about until I started entering charges that my son made 
> with feed stores (debit card).  I had not been informed about the bank 
> account that grandpa opened in my sons name, and I am responsible for 
> all of his income/debits until he is 21.  And many of these 
> transactions affect my income/loss.
>
> Is there an easy way to move those entries from one journal to the 
> other or will I have to find all of them and manually delete them from 
> one journal and reenter them in mine?  These are separate journal files.
>
Let's first get greater clarity (a more precise definition) of WHAT you 
need to do. THEN we'll worry about how.

I am going to take a crack by stating what I think the situation is and 
you correct if wrong.

In your father's books is a bank account that should instead be in your 
books. You want ALL the transactions that appear in that bank account to 
instead be in your books (including, of course, the bank account 
itself). Is THAT a correct description of the problem?

If so, you had best do this NOT by having both sets of books open at the 
same time. You can get a report of all the transactions involving this 
bank account from your father's set of books and export that so you will 
have hard copy in front of you. Then open your books, create the account 
for this bank account, and enter the transactions. For the money coming 
IN to this account you will perhaps need to add an income account "gifts 
from grandpa" (if those were not loans) and whether this ends up under 
taxable income or non-taxable will depend on the annual total amount.

BUT ---- you left out details about for whom the feed was bought. Just 
because grandpa opened a bank account for your son (and has he been 
transferring more money into it) does NOT mean the feed purchased has 
anything to do with you. For example, if your son took the truck to the 
feed store and bought feed for his grandpa paying for it with his debit 
card and grandpa later reimbursed him for it that has nothing to do with 
your books.  You would need to report interest income (if any) if taxes 
are filed with your son as a dependent << even if "under age" a child 
with significant income MIGHT be filed separately. >>

On the other hand, if your son is feeding beasts of his own, even if 
reported on your income, you MIGHT want to consider having a set of 
books for him even though that complicates matters. The purpose of 
accounting in information and how well this junior farmer is doing with 
his little venture is part of the learning << I am just guessing, of 
course, that this is "farming" >>

Michael D Novack

PS: In spite of the email address I'm not. This land was last 
commercially farmed circa 1930 and is now forest and wildlife habitat 
(though in our younger days did have a large garden and some livestock



-- 
There is no possibility of social justice on a dead planet except the equality of the grave.