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Hoots : How to track children's accounts as my own in double-entry accounting? I track my finances in GnuCash which is a double-entry accounting system. My children each have a savings account. I want to keep track of the children's - freshhoot.com

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How to track children's accounts as my own in double-entry accounting?
I track my finances in GnuCash which is a double-entry accounting system. My children each have a savings account.

I want to keep track of the children's savings accounts in GnuCash by pretending that their savings accounts are my assets. How can I do this? For example, I give them allowance money that goes into their savings account how would I enter that?

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Full disclosure, I'm not familiar with GnuCash, but I checked the website and it seems pretty straight forward:

First, create Bank/asset accounts for each of the savings accounts -- one for each child.

Next when you give them the allowance (I assume here it's a transfer from your account to their savings) the entry is to Debit (think deposit) into their account and Credit (think check) from your account.

Depending on their ages and how much "back and forth" you can stand, you may want to setup individual GnuCash files for each child.

Hope that helps...

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