How to book loan?

Viktor Rosenfeld rosenfel@informatik.hu-berlin.de
Mon, 10 Dec 2001 01:34:33 +0100


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Hi Michal,

I think this is what Acounts Receivable and Accounts Payable are for.  I
have two acounts:
	Geliehen (A/R)		of type Asset and
	Geliehen (A/P)		of type Liability
(Geliehen means lent in German). =20

When I loan some money, I book it as a Debit on my A/R account and when
I get it back I book it as Credit and mark both transactions checked to
keep track of which money I got already back.

When I borrow money, I book it as a Credit on my A/P account and when I
pay it back I book it as Debit.  Works well for me, b/c when the balance
is zero on an account, I know that I do not owe any money or that I have
gotten everything back.

HTH,
Viktor
--=20
Viktor Rosenfeld
WWW: http://www.informatik.hu-berlin.de/~rosenfel/

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