On 1/14/2018 1:57 PM, Keith Lewis wrote:
I'm new to GC, longtime Quicken user. This is a double-entry accounting question rather than a GC
question-hope that's okay in this mailing list. I made a purchase for a gift w credit card and used
expenses:gifts to balance. Afterwards, a friend wanted to help with the gift and so paid me half with cash.
I think I should deposit that cash into assets:wallet and balance with expenses:gift. But isnt the cash from
my friend income? Does this sound right to you? Now imagine my friend had offered ahead of time to help pay
for the gift, but didn't immediately have the cash. I think I could record the transactions as above or set
up a "loan" account to track the "loan". IOW split liability:creditcard ->
expense:gifts + liability:creditcard -> loan; then when he pays me back, loan -> asset:wallet.Thanks
for your time,Keith
No, not income but an adjustment to an expense. You (later) learned that
you were not paying for all of the gift but sharing the cost. So an
adjustment transaction: (when he pays you)
debit wallet
credit gift expense
description could explain -- say "friend is paying for half the
gift"
Now let's examine the second case where the friend agreed to do this but
hadn't yet. In other words, you paid for the gift but he owes you for
that share of it. I am assuming that you mentioned credit card because
that is HOW you paid for the gift.
when gift purchased
debit gift expense (for your share)
debit owed by friend (that is an ASSET type account)
credit credit card (for the purchase price
when he pays you back that's a transfer between assets
debit wallet
credit owed by friend (that "asset" is now zero)
Michael D Novack
Michael D Novack
_______________________________________________
gnucash-user mailing list
[email protected]
https://lists.gnucash.org/mailman/listinfo/gnucash-user
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
