Please bear with the 2367345836th newcomer :)

[Andrew Sackville-West]

Bob Alexander wrote:
> Ok, maybe it's my English, maybe it's my accounting ignorance but I am 
> quite lost.
> 
> Can I please slowly ask some questions on how to setup my accounts and 
> proceed with proper operations ? Promise will learn quickly ! :)

of course you can.

> 
> Let say I have the following:
> 
> 1) My bank account
> 
> my emplying company salary and bonuses get transferred there monthly
> my credit card withdraws money from my bank account on a monthly basis
> 
> Here is what I would like to achieve:
> 
> Scenario 1) When I travel I use my credit card. Some of the expenses are 
> personal and some are reimbursable from my company. My bank account will 
> get debited for the whole amount but later on my company should make a 
> bank transfer to my bank account to cover all the expenses.
> I want to be sure that I communicate ALL of the latter to my company
> I want to be sure that my company sends money to my bank for the same 
> amount (just want to check for any errors).

maintain a "credit card" account, as a liability. set up expense 
accounts for your personal expenses in whatever manner you choose, as 
well as reimburseable business expense ASSET account for your employer 
expenses. As you use your credit card, enter transactions for your 
personal expenses normally, but enter your business expenses as a debit 
to the asset account that you set up for those expenses. When you 
receive your reimbursement, enter it as coming from that asset into your 
checking account. the balance of that asset is what the company owes you 
at any given time.
> 
> Scenario 2) When I have a medical expense I pay cash or with my credit 
> card. I want to be sure that I remember sending all of these expenses to 
> my insurance. I also want to be sure that my insurance sends me the 
> corresponding reimbursements (which are not equal to the expense. For 
> example some categories are reimbursed at 70%, some at 50% and in any 
> case there is a maximum annual expense ceiling for all categories over 
> which I will not be reimbursed at all).

when you enter the transactions for medical expenses, you should 
probably split the transaction between an expense account for your 
portion and another asset account ("pending medical reimbursements" or 
some such) for the amounts to be reimbursed. then, as before, when you 
receive the reimbursement, the money comes from the asset to your 
checking account.

I have sent you a second email with a sample file that shows these 
transactions. hope that helps

Andrew

ps. if anyone else wants this REALLY simple sample file, let me know

A
> 
> What type of account to set for these scenarios and what 
> operations/details to enter to track them ?
> 
> I will get by bank statement quarterly.
> 
> Thank you very much,
> Bob Alexander
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