On 24 July 2023 at 16:53, Chris Green said: > Is there a 'right' way to handle an account which gets payments in two > directions? > > E.g. I have good relations with a friend and we often buy things for > each other and settle up at the end of the month. Sometimes I owe the > friend some money, other times the friend owes me some money but it's very > definitely one account and one wants to see all the payments in one place. > > I guess one can just say it's an 'Expense' account and make payments > in either direction as required, is this the only way or is there a > special name for such an account?
It's an Asset or Liability (two sides of the same coin, in a sense) at your choice, depending mainly on which way you expect the balance to be in the long run. I have an account Assets -> Debtors & creditors where I record this sort of thing, relating to various different individuals (typically the odd couple of quid every few weeks). If I had one particular acquaintance generating a lot of this activity I'd run a sub-account for that acquaintance. The "Expense" is the other side of the transaction recording what the oney was owed for, and might vary according to whether the expenditure was a round in the pub or dinner at a local restaurant. When (if) you actually settle up, the other side of *that* txn is of course your bank account, cash in hand, or whatever. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: 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.