This is the same case as reimbursement tracking. (covered in the Wiki -
Using GnuCash, it might also be in the Tutorial & Concepts Guide)
I would simply create two asset accounts, one for your wife and your son
each.
When you give them money, you would credit your bank/cash-on-hand
account, and debit their 'reimbursement' account.
Do the reverse if they return any money to you.
When they spend those funds and you want to record the expense, simply
do so through the reimbursement account as the source of funds and split
against normal expense accounts as if you had made the purchase.
If they never return any money to you, and/or if they have access to
spend out of say a checking account directly with an 'allowance limit'
then you can make those as sub-accounts of the Bank account.
If you need some other level of tracking who spent on what, tag your
transactions in some way in the Description, Notes, Memo, etc. Then you
can run a Transaction Report filtered to transactions matching the
desired 'tag'.
Regards,
Adrien
On 8/13/23 12:04 PM, Paras Desai 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
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