On 10/3/2020 1:09 PM, doncram wrote:
Hi Ken Brown, I think that you need what you asked for, a good Chart of Accounts example, which you will implement into a new GnuCash entity. How about the following Chart of Accounts, designed by me just now for a single person in the United States with some regular salary income plus some income from a part-time home business that is a sole proprietorship, so the person just files regular individual taxes at the end of the year, but with a schedule reporting their business income.
That's a good example. Especially for cases (quite common) where that business would NOT likely be separable. This is the easier way, especially if the business does not have separate bank account, credit card, etc.
BUT -- if the business activity could possibly be separated, say it could be sold, then you might want to consider the alternative where the business has its own set of books. That would make it easier to "show the books" (of just this business) without disclosing your personal finances.
Another situation where might be a good alternative is where you had more that one of these enterprises. There is a trade off between the complexities of multiple sets of books (especially when sharing bank accounts, etc.) and the ease of producing reports making clear how each is doing. The tax code can come into play here, as there are provisions pertaining to "type of business". Another situation where separate might be easier is if the business activity is temporary or on again off again.
Michael D Novack _______________________________________________ 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.
