Account manipulation question

Katharine Timberlake katharine.timberlake at zen.co.uk
Fri Sep 15 16:30:30 EDT 2006


IANAA either, but I use accounts receivable (asset) for working out how 
much I am waiting for my clients to pay on invoices that I have 
produced, and accounts payable (liability) for that which my business 
owes me personally for rent, etc. It works fine and ends up with amounts 
being moved to / from my checking account so I can reconcile with my 
statement at the end of the month, as well as having a running total for 
what the amount owed to or by me. It really is quite neat.

Katharine

Maf. King wrote:
> On Thursday 14 September 2006 11:57, Jason wrote:
>   
> <SNIP>
>
>   
>> Now, one option is to keep doing this above and separate from my
>> personal book keeping. That is, record the bills we bring in at 50% in
>> my personal record and don't bother with his portion in GNUCash, keep
>> doing it with my spreadsheet.
>>
>> But I figure there has to be a decent way to work this scenario in
>> GNUCash with the porper use of expense, asset, and liability accounts. I
>> just can't seem to piece it together.
>>
>> Anyone have any advice?
>>
>>     
>
> Hi Jason,
>
> Here are my thoughts about this:
> 1. add an asset (or liability) account called eg. Roommate.  It doesn't matter 
> which type you choose, but maybe if he generally owes you money, asset might 
> be the best choice.  Then when you owe him money, you have a negative 
> balance... I'll assume this setup for the rest of this post.
>
> 2. You pay rent, whatever, and split the bill 50/50 between your usual expense 
> account and asset:roommate. A:roommate now shows a sum owing to you.
>
> 3. He pays electricity, whatever, you book a transaction between 
> asset:roommate and expense:electric for only your 50% share of that bill.
> the asset account is now somewhat reduced.
>
> 4. at the end of the month, take the account balance and settle it with a 
> cheque between asset and checking (either you pay him or the other way round, 
> will govern the flow of funds here) Asset account is then 0.00 and a new 
> month starts.
>
> 5. IANAA, so use at your own risk!
>
> HTH,
> Maf.
>
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