On Fri, 23 Dec 2022 at 01:53, Jay Tindlebaum <[email protected]> wrote:
> What's the correct way to handle a bank transfer received for the purpose of
> paying a shared expense?
If you paid for the shared expense earlier, your friend owes you
money. It’s an asset.
2022-12-01 Shared expense
Expenses 20 USD ;; your share
Assets:Receivable:Friend 20 USD ;; friend’s share
Assets:Bank account -40 USD ;; you paid
Later, your friend pays off:
2022-12-02 Bank transfer
Assets:Bank account 20 USD
Assets:Receivable:Friend -20 USD
If your friend paid earlier, you owe them money and it’s a liability.
2022-12-01 Shared expense
Expenses 20 USD ;; your share
Liabilities:Payable:Friend -20 USD
Later, you pay off:
2022-12-02 Bank transfer
Liabilities:Payable:Friend 20 USD
Assets:Bank account -20 USD
If your friend pays you in advance, you owe them money:
2022-12-01 Bank transfer
Assets:Bank account 20 USD
Liabilities:Payable:Friend -20 USD
Then you pay for the shared expense and your debt is fulfilled:
2022-12-02 Shared expense
Expenses 20 USD ;; your share
Liabilities:Payable:Friend 20 USD ;; their share
Assets:Bank account -40 USD
The fourth case where you pay your friend in advance and they pay for
the shared expense later is left as an exercise for the reader.
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