2013-02-09 GnuCash IRC logs
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02:27:34 <pelliott50> I am starting accounting for both a sole proprietorship math tutoring and my personal finances. Starting both from nothing. Seperate file for math tutoring?
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11:54:11 <pelliott50> I am starting math tutoring sole propritorship;want to account for both bussiness & personal;starting from scratch;2 files?;one for tutoring other personal?
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12:25:07 <warlord> pelliott50: main question: is it a single taxable entity or separate?
12:27:30 <pelliott50> will be earning taxable money thru math tutoring sole proprietorship
12:28:02 <pelliott50> Also recieve interest from personal accounts.
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12:31:42 <pelliott50> Since sole proprietorship; I am the only taxable entity; but should I have 1 file or two?
12:31:44 <warlord> pelliott50: that wasn't my question. if they are different taxable entities then you would be better having multiple accounts. However if it's just you tutoring on the side as another source of (taxable) income, then no need because it's all *your* income. It all depends if you need to keep your income and expenses separate.
12:31:53 <warlord> That's up to you.
12:32:12 <warlord> (you can/should ask a tax consultant / accountant for your area)
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20:09:51 <pelliott_> When I start a sole propritorship, how do I account in my PERSONAL books for the money that disappeared from my personal credit union accounts, to start the business account? What is the "other side" of that transaction? Is it possibly a load to my business?
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20:23:51 <warlord> pelliott_: yeah, I would call it an asset -- effectively "stock" (equity) in the sole proprietorship.
20:35:38 <lost_soul> you mean owner's capital?
20:36:12 <lost_soul> at least that is how my accounting teacher told me to classify it
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