[GNC] Am I in business?

[Nathan Ellery]

Arthur, I'm in Perth WA, self employed in own business and was using
Quickbooks 2002 to keep my records but much was in flux.
I no longer have the ability to reinstall my QB and it's on an old XP
32bit machine so I thought it was time to upgrade, so to what?
I suspect I've waited too long for QB because it might not be able to read
my old files but I wanted complete control over my records rather than the
current online in the cloud versions. I found Gnucash and my SIL is a
bookkeeper anyway so engaged her to create me new set of custom books in
Gnucash. She was already using it in Linux to do their own books.  It seems
to be working out ok. I am still running parallel QB until I am ready to
jump over.  I hope to be able to get more comprehensive reports on
everything I do.
My properties are half with a manager and half self managed which makes it
harder. The manager gives me great detailed reports that I just use each
year to compile but being with a property guru team I am reasonably
educated on what can be claimed and what records to keep.  As someone
pointed out already, it's not just claimable allowances but also
calculations for any renovations or improvements, calcs for CGT if you sell
etc, Poor records and you could be paying thousands extra in tax.
Yes you should have separate accounts too.

On Sat, May 14, 2022 at 11:21 AM Liz Dodd <edodd at billiau.net> wrote:

> On Sat, 14 May 2022 02:31:52 +0000 (UTC)
> arthur brogard via gnucash-user <gnucash-user at gnucash.org> wrote:
>
> > I and my ex jointly own four properties two of which are rented out.
>
> Thinking differently here, I see a red flag because there is an
> unexplained relationship between the owners of the properties. I'd
> suggest that these are kept in separate "books" and quite separate from
> any of your personal accounts.
> As already mentioned, excellent records are required to be sure that
> all allowable deductions are received.
>
> Liz
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