tag:infinitekind.tenderapp.com,2009-01-14:/discussions/general-questions/440-splitting-business-accounts-from-personal-after-the-factInfinite Kind: Discussion 2020-01-29T18:36:36Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/2787322009-08-06T16:03:45Z2009-08-06T16:03:45ZSplitting Business Accounts from Personal (after-the-fact)<div><p>Hi Paul</p>
<p>I was hoping that someone in the Moneydance community wh uses
Moneydacne for persona and business accounts would have given you a
response. And since nobosy has I' give you my thoughts on the
subject.</p>
<p>I would definitely recommend using two independent .md files. I
have two reasons for this.</p>
<p>Firstly the net worth calculation is based on all assets and
liabilities in the md file. While not essential, many find it
useful to see their personal networth independently of the business
worth,</p>
<p>Secondly - and I think this one is more important - Transfers
between business accounts and personal accounts must be completely
eliminated. For example if you pay your self a wage. If this is a
business expense it must be recorded as a business expense. And
then also be recorded as a personal income. I had a user who was
just transferring money from the business bank account to her
personal bank account (to pay herself) without using the expense
and income categories. Using an independent file would prevent such
mistakes from happening.</p>
<p>Probably the easiest way to divide the file would be to make 2
copies of the md file. Open one and delete all the business
accounts and then do the same with the other and delete all the
personal accounts. If you don't have any transfers between business
and personal accounts this should be fine.</p>
<p>Sincerely</p>
<p>Ben Spencer</p></div>Ben Spencertag:infinitekind.tenderapp.com,2009-01-14:Comment/2787322009-08-06T18:35:45Z2009-08-06T18:35:50ZSplitting Business Accounts from Personal (after-the-fact)<div><p>Thank you for the information. Looks like I will be taken your
suggestion and duplicating my .md file in order to delete the
business transaction from one and the personal transactions from
the other.</p>
<p>Paul</p></div>Paul