On 1/12/2018 8:48 PM, Christopher Lam wrote:
You could do liability accounts for each utility bill but I like the
concept of 'kitty funds' which gives you/them a real-time view of monies
owed by whom.
I would make the choice (asset accounts or liability accounts) depending
on whether they usually paid you their share in advance or usually
reimbursed you afterwards. Then on rare times when the other way around,
the transactions "contra". But if the arrangement is new you won't have
that history.
Note that even if you started one way, you can easily enough change this
around later if their behavior changes.
Michael D Novack
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