I do this with family and friends often.
The simplest options are *either* asset or liability, based on whichever
you like, or which one you think will most likely be the case. (if they
more often owe you - then asset, otherwise liability, or just pick one,
it doesn't matter)
I chose to create asset accounts for each person so I can see who I owe
or who owes me at a glance.
If the amount is positive (since this is an asset) that means they owe
me. If it is negative, I owe them. The signs and what they mean would be
reversed if you chose to create liability accounts.
You don't need separate expense or income accounts.
Regards,
Adrien
On 7/24/23 10:53 AM, Chris Green wrote:
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?
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