[GNC] Consolidation of family member accounts

[Paras Desai]

Thanks for your reply

The question arises because;

My wife and I maintain separate accounts. She has her own income and tax filing. So we need to maintain accounts independent of each other.

But at the same time, we wish to maintain family level account which generally gives us idea about....

Total Family income, total family expense and total family investment.

This is the same scenario as two independent legal companies wherein one is a parent company and another is subsidiary company. Both legal entity has to maintain their own accounts/ books for their respective tax filing and legal compliances but have to report consolidated financial statement at group level.

Hope I am able to explain the scenario unambiguously

Thanking you

Paras


Get Outlook for Android<https://aka.ms/AAb9ysg>
________________________________
From: David T. <sunfish62 at yahoo.com>
Sent: Sunday, August 13, 2023 11:03:06 PM
To: Paras Desai <desaiparas at outlook.com>
Cc: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
Subject: Re: [GNC] Consolidation of family member accounts

A transfer between two asset accounts (your account to your wife's) doesn't need any further entries, unless you're considering these transfers as some kind of bookable event. Are you paying them, or just transferring them funds? If the latter, then just two entries crediting/debiting the two assets.

When your wife receives the funds this way, there's no change in the family net worth. When she buys something, the transaction includes her bank account and the proper expense account.

David T.
On Aug 13, 2023, at 8:05 PM, Paras Desai <desaiparas at outlook.com<mailto:desaiparas at outlook.com>> wrote:

Hello sirs,

1. I am adopting GNC for my family members (me, wife and son)
2. There are lots of transfer takes place between family members. For example, I transfer an amount to wife account , for her expense or investment. Same for son.
3. At present I can adopt two approach for such transfer
Either I can show transferred amount as gift expense or create account receivable in name of family member.
4. Neither is a good practice, as at family level, it will erroneously show duplicate expenses (mine as gift to wife and, wife's actual expenses with gifted fund)

So my question is

Is there a way in GNC to consolidate family members account to arrive at net worth of entire family?

When we do consolidation of accounts, we eliminate inter transaction between members (as we do between a parent and subsidiary company in business scenario)

I will be happy to explore the way, if there is any way I can achieve this in GNC

Thank you

Paras


________________________________

gnucash-user mailing list
gnucash-user at gnucash.org
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.