[Fwd: Re: Relating accts receivable and expenses account]

[Eric Morey]

-------- Forwarded Message --------
> From: Eric Morey <eric at glodime.com>
> To: carpetnailz <carpetnailz at researchintegration.org>
> Subject: Re: Relating accts receivable and expenses account
> Date: Sun, 26 Oct 2008 20:48:05 -0400
> 
> On Sat, 2008-10-25 at 16:11 -0400, carpetnailz wrote:
> > Consider this transaction for mileage reimbursement from a client (or
> > any other kind of item that goes into an expenses account but will be
> > reimbursed, such as meals or supplies):
> > 
> > Credit Gasoline expense: $100
> >    Debit Acct receivable from client $100.
> > 
> Try this instead:
> Debit Account Receivable - Gasoline Reimbursable $100
> 
>       Credit Cash                                       $100
> 
> > Now I get the check     
> > 
> > Credit Acct receivable  $100
> >    Debit Cash  $100
> > 
> 
> The gasoline is an expense only if the client fails to reimburse the
> money. It is actually a bad debt expense at that point.
> 
> Eric...
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