Re: Keeping track of cash advances

[Pete Kelly]

Thank you for the help. It's just what I needed.

On Thursday, July 27, 2023 at 6:45:05 PM UTC-4 Michael Cordover wrote:

> I think you want a liability account for the estate, and a corresponding 
> personal asset.
>
> So something like:
>
> 2023-07-27 Transfer advance to Estate account
>   Assets:Estate:Checking:MyBank$100
>   Liabilities:Estate:Advances -$100
>   Assets:Loans:Advances-to-Estate  $100
>   Assets:Checking:MyBank
>
> 2023-07-28 Purchase on behalf of Estate
>   Expenses:Estate:Utilities:Electricity  $75
>   Liabilities:Estate:Advances   -$75
>   Assets:Loans:Advances-to-Estate$75
>   Assets:Checking:MyBank
>
> and then your balance looks like:
>
> $100  Assets
> $-175Checking:MyBank
>  $100Estate:Checking:MyBank
>  $175Loans:Advances-to-Estate
>   $75  Expenses:Estate:Utilities:Electricity
> $-175  Liabilities:Estate:Advances
>
> So you have -$175 in your account (I started with a zero balance); the 
> estate account has $100 in it (again, zero starting balance), but you're 
> entitled to $175 back from the estate (Assets:Loans:Advances-to-Estate) and 
> the estate has an account showing what it owes back to you 
> (Liabilities:Estate:Advances).
>
> You can then pay yourself back with a transaction like:
>
> 2023-07-28 Reimburse Pete
>   Assets:Estate:Checking:MyBank-$100
>   Liabilities:Estate:Advances   $100
>   Assets:Loans:Advances-to-Estate  -$100
>   Assets:Checking:MyBank ; implicitly +$100
>
> In my experience estates tend to be separate accounting entities from your 
> personal accounts, so I would even consider structuring those accounts as 
> Estate:Assets:Checking:MyBank, Estate:Liabilities:Advances-to-Pete etc, 
> just to make the distinction super obvious.
>
> mjec
>
> On Thu, Jul 27, 2023, at 15:42, Pete Kelly wrote:
>
> Hi all, new Ledger user, and I'm handling the estate of a family member. 
> To pay some of the bills I'm advancing the estate money from my own 
> account. I'd like to keep track of each advance, but I'm not sure how to 
> assign these transactions to the correct accounts. I've been using 'Estate' 
> and 'Advance' to keep track.
>
> Here's an example of a transfer from one account to another:
>
> 2023-07-27 Transfer
> Assets:Estate:Checking:MyBank $100  ; receiving account
> Assets:Checking:MyBank
>
> Here's a purchase:
>
> 2023-07-27 Eversource
> Expenses:Advance:Estate:Utilities:Electricity. $75.00
> Assets:Checking:MyBank
>
> Can anybody suggest how to do this correctly? Maybe I should use tags 
> instead?
>
> Thanks for any help,
> Pete
>
>
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>  
> 
> .
>
>
>

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Re: Keeping track of cash advances

[Michael Cordover]

I think you want a liability account for the estate, and a corresponding 
personal asset.

So something like:

2023-07-27 Transfer advance to Estate account
  Assets:Estate:Checking:MyBank$100
  Liabilities:Estate:Advances -$100
  Assets:Loans:Advances-to-Estate  $100
  Assets:Checking:MyBank

2023-07-28 Purchase on behalf of Estate
  Expenses:Estate:Utilities:Electricity  $75
  Liabilities:Estate:Advances   -$75
  Assets:Loans:Advances-to-Estate$75
  Assets:Checking:MyBank

and then your balance looks like:

$100  Assets
$-175Checking:MyBank
 $100Estate:Checking:MyBank
 $175Loans:Advances-to-Estate
  $75  Expenses:Estate:Utilities:Electricity
$-175  Liabilities:Estate:Advances

So you have -$175 in your account (I started with a zero balance); the estate 
account has $100 in it (again, zero starting balance), but you're entitled to 
$175 back from the estate (Assets:Loans:Advances-to-Estate) and the estate has 
an account showing what it owes back to you (Liabilities:Estate:Advances).

You can then pay yourself back with a transaction like:

2023-07-28 Reimburse Pete
  Assets:Estate:Checking:MyBank-$100
  Liabilities:Estate:Advances   $100
  Assets:Loans:Advances-to-Estate  -$100
  Assets:Checking:MyBank ; implicitly +$100

In my experience estates tend to be separate accounting entities from your 
personal accounts, so I would even consider structuring those accounts as 
Estate:Assets:Checking:MyBank, Estate:Liabilities:Advances-to-Pete etc, just to 
make the distinction super obvious.

mjec

On Thu, Jul 27, 2023, at 15:42, Pete Kelly wrote:
> Hi all, new Ledger user, and I'm handling the estate of a family member. To 
> pay some of the bills I'm advancing the estate money from my own account. I'd 
> like to keep track of each advance, but I'm not sure how to assign these 
> transactions to the correct accounts. I've been using 'Estate' and 'Advance' 
> to keep track.
> 
> Here's an example of a transfer from one account to another:
> 
> 2023-07-27 Transfer
> Assets:Estate:Checking:MyBank $100  ; receiving account
> Assets:Checking:MyBank
> 
> Here's a purchase:
> 
> 2023-07-27 Eversource
> Expenses:Advance:Estate:Utilities:Electricity. $75.00
> Assets:Checking:MyBank
> 
> Can anybody suggest how to do this correctly? Maybe I should use tags instead?
> 
> Thanks for any help,
> Pete
> 
> 
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>  
> .

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Re: Keeping track of cash advances

[o1bigtenor]

On Thu, Jul 27, 2023 at 10:57 AM Alexandre Rademaker
 wrote:
>
>
> > On 27 Jul 2023, at 12:53, o1bigtenor  wrote:
> >
> > Dunno about "doing this correctly" - - - - but I use credit accounts.
> >
> > I buy some fuel for agency Y.
> > They issue a statement the following month payable that month.
> > I use a credit account to "pay' for the purchase before I know how much its
> > going to be.
> > When I make my payment the payee is the agency and the credit account
> > is reduced by that amount.
> >
> > Its all in the matter of having enough listed 'accounts'.
> >
> > I have been using this idea long before I even had a computer to use - - -
> > think early 80s.
> >
> > HTH
> >
>
> --
> Would you happen to have a concrete example? I didn’t follow the "before I 
> know how much its..”, how do you add an entry without knowing the value?
>
>
One very easy to understand example is using a card lock to get fuel for either
my vehicle or for equipment (or or or or lots of different options).

In filling I can get a ticket which indicates how much product I received.
Pricing is given when I get my invoice.
I can enter that I got fuel (or whatever else I got).
When I get the invoice I can enter the price of the fuel and taxes included.
(This means that I use null values (0.00) as place markers until receive the
invoice - - - - otherwise ledger complains that there are no values on the
lines.)
So I know what I got but not how much.
If I know the value when I get the product then its even easier.

Likely more work this way - - - - but I get to keep track of when I get fuel
even if its multiple times in a time period (usually a month).

HTH

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Re: Keeping track of cash advances

[Alexandre Rademaker]

Would you happen to have a concrete example? I didn’t follow the "before I know 
how much its..”, how do you add an entry without knowing the value?

Best.
AR

> On 27 Jul 2023, at 12:53, o1bigtenor  wrote:
> 
> Dunno about "doing this correctly" - - - - but I use credit accounts.
> 
> I buy some fuel for agency Y.
> They issue a statement the following month payable that month.
> I use a credit account to "pay' for the purchase before I know how much its
> going to be.
> When I make my payment the payee is the agency and the credit account
> is reduced by that amount.
> 
> Its all in the matter of having enough listed 'accounts'.
> 
> I have been using this idea long before I even had a computer to use - - -
> think early 80s.
> 
> HTH
> 

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Re: Keeping track of cash advances

[o1bigtenor]

On Thu, Jul 27, 2023 at 10:42 AM Pete Kelly  wrote:
>
> Hi all, new Ledger user, and I'm handling the estate of a family member. To 
> pay some of the bills I'm advancing the estate money from my own account. I'd 
> like to keep track of each advance, but I'm not sure how to assign these 
> transactions to the correct accounts. I've been using 'Estate' and 'Advance' 
> to keep track.
>
> Here's an example of a transfer from one account to another:
>
> 2023-07-27 Transfer
> Assets:Estate:Checking:MyBank $100  ; receiving account
> Assets:Checking:MyBank
>
> Here's a purchase:
>
> 2023-07-27 Eversource
> Expenses:Advance:Estate:Utilities:Electricity. $75.00
> Assets:Checking:MyBank
>
> Can anybody suggest how to do this correctly? Maybe I should use tags instead?
>


Dunno about "doing this correctly" - - - - but I use credit accounts.

I buy some fuel for agency Y.
They issue a statement the following month payable that month.
I use a credit account to "pay' for the purchase before I know how much its
going to be.
When I make my payment the payee is the agency and the credit account
is reduced by that amount.

Its all in the matter of having enough listed 'accounts'.

I have been using this idea long before I even had a computer to use - - -
think early 80s.

HTH

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Keeping track of cash advances

[Pete Kelly]

Hi all, new Ledger user, and I'm handling the estate of a family member. To 
pay some of the bills I'm advancing the estate money from my own account. 
I'd like to keep track of each advance, but I'm not sure how to assign 
these transactions to the correct accounts. I've been using 'Estate' and 
'Advance' to keep track.

Here's an example of a transfer from one account to another:

2023-07-27 Transfer
Assets:Estate:Checking:MyBank $100  ; receiving account
Assets:Checking:MyBank

Here's a purchase:

2023-07-27 Eversource
Expenses:Advance:Estate:Utilities:Electricity. $75.00
Assets:Checking:MyBank

Can anybody suggest how to do this correctly? Maybe I should use tags 
instead?

Thanks for any help,
Pete

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