[GNC] Can a bank account have sub-accounts?

[Gyle McCollam]

I agree with Michael.

If the OP had separate accounts at the same bank, in Gnucash he could have a parent account of BANK and subaccounts for each separate account (AACT1, ACCT2, ACCT3, etc.).  In this case he would receive separate statements for each account and could reconcile each.  On the other hand, if as he states, he wants one acct at the bank and subaccount for each type of expenditure he could set up the parent as BANK.  This is the same as the 1st case.  Under this parent he could set up Gnucash accounts as Virtual ACCT1, Virtual ACCT2, etc.  He would receive only 1 bank statement and he could reconcile the parent acct, selecting to include subaccount by checking the box under "Ending Balance".  As long as there is no legal requirement to keep the funds in separate accounts I don't see any harm in tracking it this way.


Thank You,

Gyle McCollam

Gyle McCollam

gmccollam at live.com<mailto:gmccollam at gyleshomes.com>           email

________________________________
From: gnucash-user <gnucash-user-bounces+gylemc=gmail.com at gnucash.org> on behalf of Michael or Penny Novack <stepbystepfarm at comcast.net>
Sent: Wednesday, March 15, 2023 10:18 AM
To: Vincent Dawans <dawansv at gmail.com>
Cc: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
Subject: Re: [GNC] Can a bank account have sub-accounts?

On 3/13/2023 5:47 PM, Vincent Dawans wrote:
> This sort of fund accounting is typically taken care of by using the
> analytical dimension feature offered by some accounting softwares.
> Unfortunately gnuCash doesn't have that feature (yet).
> Here is an article somewhat explaining how it works (for a different
> accounting package):
> https://www.bakertilly.com/insights/tame-your-wild-not-for-profit-chart-of-accounts-with-dimensions

That was not the situation this person was asking about.

Non-profits often have "restricted" donations, funds donated that are
only usable for certain purposes. That restriction can be formal/legal,
in which case really should be kept in a segregated account. But a small
non-profit might have not enough to bother with that and might have some
funds only "morally restricted" (can, in emergencies, used for other
purposes).

Even when restricted funds kept in a separate account, if a small
org/small amounts the several restricted funds might be kept in a single
account.

Michael D Novack (who has been treasurer of several 501(c)3 orgs


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