[GNC] Consolidation of family member accounts

[Paras Desai]

Hello Stan

Thanks for your response.

As I have replied to Liz and addressing your valid point, i am maintaining three separate books for each one of us, independent to each other. And that is why I raised a query how I can combine or consolidate three books to create one virtual book which I would call a family book.

Your and Liz point is absolutely correct and fortunately I am following the same.

Thanks a lot

With my best regards

Paras




Get Outlook for Android<https://aka.ms/AAb9ysg>
________________________________
From: Stan Brown <stan at fastmail.fm>
Sent: Monday, August 14, 2023 9:04:48 AM
To: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
Cc: Paras Desai <DesaiParas at outlook.com>
Subject: Re: [GNC] Consolidation of family member accounts

On 2023-08-13 20:16, Paras Desai wrote:
> Your idea of debiting equity is good. May need to create a sub account of equity  specifically to capture related party transaction (as they call in legal parlance 😀).

Well, that's one possibility. Another would be to have a placeholder
account, "Family Equity", with three subaccounts for the three of you.
(No transactions to a placeholder account can be made directly.
Transactions are always made to a subaccount. In reports, you can set
placeholder accounts to have value equal to the total of their
subaccount values.)

Please understand, however, that your question is not really a question
about GnuCash. GC is just the old pen-and-ink accounting translated to
computer files. The question of how to structure a transaction has the
same answer in GC as it would have if you were making pen-and-ink
transactions in one of those old leatherbound journals.

I didn't see you respond to the person who suggested that you should
perhaps have a separate book for each of the three of you. As that
person suggested, if you have everything in one book, when your son
leaves to establish his own household, it may be significant work to
separate his affairs for yours. The same is true if you and your wife
should ever establish separate households, or if one of you should
predecease the other.

Stan Brown
Tehachapi, CA, USA
https://BrownMath.com/