On 09/09/2018 12:26 PM, Robert Heller wrote: > At Sun, 9 Sep 2018 11:59:57 -0700 Mark Phillips <[email protected]> > wrote: > >> How do I enter the following transaction in gnucash? >> >> I have a business checking account and a personal checking account. My >> Gnucash file only tracks the business checking account. Occasionally, I >> grab the wrong debit card from my wallet to pay for a business expense. >> >> For example, let's say I use my personal debit card to pay $100 of business >> expenses. For this example let's say I bought $100 of nuts and bolts (since >> I feel like a nut not being able to work this out). How do I enter this >> transaction into my business Gnucash ledger to account for (1) transferring >> money out of my business checking to reimburse my personal checking and (2) >> record the expense in the appropriate business account? > You will have to add an additional account for this. Call it "personal > reimbursment account" or whatever. Not sure what type of account (could just > be a "bank account"). > > You would either make one transaction with a set of splits: > > $100 *from* "personal reimbursment account" *to* "Nuts and Bolts account" > $100 *from* "business checking" *to* "personal reimbursment account" > > Or two separate transactions, which might make sense if there is a "delay" in > the reimbursment (eg you don't get around to it for a couple of days, etc.). > > At the end of the day, the "personal reimbursment account" is normally at a > balance of $0, except when you "grab the wrong debit card" and when you > handle > the reimbursment. > >> Thanks! >> >> Mark >> >> PS The good news is I have only done this twice since 2015!
That clearing account would be a liability account. Think like IBM (even if you own stock and are a part owner). You would turn in an expense report. They would record it against their accounts payable (the other side being the appropriate expense accounts). At their weekly check run, they would cut you a check against the checking account (other side to accounts payable). Your business has a separate identity from you. You could do the above all the time and eliminate the business credit card (reduce your risk if the wallet was stolen). You could simplify the above process by eliminating the accounts payable (liability) account and cut a check directly to pay the expense report. Then one side would be the appropriate expense accounts with the other side being against your checking account. But, I'd treat you (personally) as any other vendor who provided service and/or materials. If you cut them a check when the invoice (expense statement) is presented, then treat yourself just like you treat them others. In essence you wore three hats (maybe more): 1. Employee 2. Vendor 3. Business (management) 4. (not to mention the owner hat) Have fun. Just ask yourself, "If I worked for IBM and put something for them on my personal CC, how would they pay me back?" Then act like they would. Have fun. And remember the paper work. -- Stephen M Butler, PMP, PSM [email protected] [email protected] 253-350-0166 ------------------------------------------- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
