On 1/26/2019 9:51 AM, Lorrie Laskey wrote:
Hi all,
My "Other Income" account is showing bank transfers from a fried to my bank
account when reimbursing me for, say, shared vacation costs.
It is not income but reimbursement of some sort, isn't it?
Should this be categorized as income?
No.
If you are being reimbursed it means you laid out funds for an expense
that was shared with somebody else. At THAT time you should have entered
a split transaction, say crediting your bank account and debiting
"vacation" (expense) and "loaned to friend" (asset). Then when your
friend pays you back, debit bank account and credit this loan to you.
Michael D Novack
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