On 08/13/2018 05:52 AM, patrushkha via gnucash-user wrote: > I just started using Gnucash and thought I'd gotten through the learning > curve; I have 2 small businesses and entered both of them as well as my > personal data, but discovered they are all mixed together. At least I think > so, I'm not versed enough to understand how I got there or how to untangle > entities. > Can anyone suggest a process to separate them OR do I have to start all over? > > I'm also willing to hire someone to get me on track- Los Angeles area. > > Thank you so much, > Pat I also have a small business that has its own bank account, loan, income, expense. I keep a separate file and don't mingle it with my personal books. This helps now that I'm selling it.
However, it has a small price to enter transfers from personal to business and versus into both books. It my personal side its between two assets (my banking and my LLC ownership). On the business books it goes between the business bank account and an equity account (my equity in the business). If these are more like small hobbies, then you might dedicate some expense/income accounts just for the hobby to use and mingle everything else. Note that if you are seeking "corporate shield" for your business activities then you need to keep a separate set of books and bank accounts. Otherwise, at least here in the USA, the courts will "pierce the veil" and hold you personally liable for actions of the business. That was important for me as my LLC owned an apartment building. If something bad where to happen there, I might lose the apartment building but I should be able to protect my personal assets. -- Stephen M Butler, PMP, PSM stephen.m.butle...@gmail.com kg...@arrl.net 253-350-0166 ------------------------------------------- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
