I'd like to share with you all how I do this. I have an account called "Exchanges", with sub-accounts representing different people or groups (Exchanges:Bob, etc).
When I loan someone money, I enter this as a credit to this account, so it's black if they owe me, and enter it as a debit when they loan me something, so it's red if I owe out. This way I can see at a glace how much is owed to me or owed out in total. On 4/27/20 10:22 AM, Adrien Monteleone wrote: > Long, > > Along with what Michael advised, you can do this with one extra account, or > two. The choice is yours. I’m going to use very general account names, but > you could use ‘Owed to me’ or ‘Given to me’ if you like > > Two accounts model: > =================== > > Assets:Remibursements:Bob > Liabilities:Deposits:Bob > > If you pay a bill for ‘Bob' before he gives you money then: > > Dr. Assets:Remibursements:Bob > Cr. Assets:Cash > > When Bob pays you back: > > Dr. Assets:Cash > Cr. Assets:Remibursements:Bob > > > > If ‘Bob' gives you money in advance (your second scenario): > > Dr. Assets:Cash > Cr. Liabilities:Deposits:Bob > > When you pay the bill for Bob: > > Dr. Liabilities:Deposits:Bob > Cr. Assets:Cash > > > *The benefit to using two extra accounts is that you record each event as it > really was. In the first scenario, you are owed money (an asset) and in the > second, you owe someone else (a liability). But the drawback is that you > can’t readily see the net of the reimbursements or deposits at a glance for a > single individual. (even if you use individual sub accounts like ‘Bob’) > Therefore, I’d recommend just using one extra account. > > One account model: > ================== > > The first scenario is the same, you pay the bill first, Bob pays you back > later. You use the ‘Assets:Reimbursements:Bob’ account. > > The second scenario will also use this account but with the debits and > credits to the same account like so: > > > If Bob gives you money in advance (your second scenario): > > Dr. Assets:Cash > Cr. Assets:Reimbursements:Bob > > When you pay the bill for Bob: > > Dr. Assets:Reimbursements:Bob > Cr. Assets:Cash > > > Now, everything is done in one account. If the value of the account is > positive, Bob owes you. (an asset) If the value is negative, you owe Bob. (a > contra-asset) > > You might repay Bob by paying his bill as agreed, or by returning his cash. > > Note, if Bob normally always pays in advance, you could still use a single > account but make it the Liability:Deposits variety instead of > Assets:Reimbursements. Which one is a personal choice, but I’d only use one > or the other for sanity as I noted above. > > ------ > > Also, you *could* use the business features for this but that is going to be > more work than necessary. For occasional transactions, I’d stick with manual > entries. I use the ‘One Account’ method for various shared expenses with > friends and family regularly. I have an asset account for each friend or > family member so I can see at a glance if I owe them (negative) or they owe > me (positive). > > Regards, > Adrien > > >> On Apr 27, 2020 w18d118, at 10:14 AM, Michael or Penny Novack >> <[email protected]> wrote: >> >> On 4/27/2020 6:59 AM, Long wrote: >>> Hello, >>> >>> I'm not an accounting, so that why i need your help. >>> >>> I assumed that my friend want to pay internet bill, but he forgot his money. >>> So i will pay it for him and take my money back later. How can i record it >>> into gnucash ? >>> >>> I am doing by this way : >>> Transfer money from "Assets:Cash" to "Assets:Owed to me", when he pay to me, >>> i will transfer money from "Assets:owed to me" to "Assets:Cash" . Right ? >>> ------------------------------------------------------------------------------- >>> And other assumed : >>> >>> I assumed that my friend want to pay internet bill, but he ask me to pay for >>> him (because he busy to go somewhere). He gave me some money to pay internet >>> bill.How can i record it into gnucash ? >>> I am doing by this way : >>> Transfer money from "Equity" to "Assets:Cash", when i pay internet bill, i >>> transfer money from "Assets:Cash" to "Equity". (Because i do not pay >>> internet bill, it's him). so i won't record it into "Expense" account. Right >>> ? >> In the first case, you are exactly correct. >> >> In the second, it would be the reverse. But that's not what you said. You >> would debit cash and credit a LIABILITY for this money you owe your friend, >> and then when you pay his bill, debit the liability and credit cash. >> >> Michael D Novack > > _______________________________________________ > 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. _______________________________________________ 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. 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