I am required to file taxes for my small (sole proprietorship) business and personal finances in two jurisdictions (Canada and the USA, as it happens). I have capital equipment for my business. Both jurisdictions require me to treat the purchase as a capital expenditure, and depreciate the asset over time. But they each have different rules for what depreciation I can expense each year.
How should I structure my chart of accounts to track the capital expenditures for both jurisdictions, without double-counting, inflating my asset values, or ending up with double depreciation each year? I am looking for an accounting strategy.
For what it's worth, I use GnuCash to do my bookkeeping. But, translating the accounting strategy into tool-specific bookkeeping tactics is not what I am asking here.