How do you manage personal "receivables"?

[Fred Frigerio]

If there is any interest, then you have an income. Otherwise you are moving
a liquid asset (money) into a less liquid asset (a loan).

On Sat, Jan 31, 2009 at 6:41 AM, Geert Janssens
<janssens-geert at telenet.be>wrote:

> On Saturday 31 January 2009, Rafferty Uy wrote:
> > Hi,
> >
> > Just wondering how you guys manage temporary (and extremely short term)
> > loans by friends?
> >
> > What I did was to create an Accounts Receivable and Account Payables
> > account.
> >
> > If my friend borrows money from me, I'll count it as an expense and place
> > the entry in accounts receivable. Then when they pay me back, I split the
> > AR transaction and enter as income the amount payed back. But I'm not
> sure
> > if this is the correct way... because the date that the money is payed
> back
> > is no longer accurate (because I'm editing an old transaction). However,
> if
> > I do it separately, it can be confusing which receivable is payed and
> which
> > receivable isn't.
> >
> > What's the recommended way to do this?
> >
> Borrowing money has nothing to do with income or expense.
> I would use this transactions:
>
> * 100.00 borrowed to a friend on 10/01/2009:
> Date            Description     Account                         Amount
> 10/01/2009      Friend X        Assets:Cash                     -100.00
> 10/01/2009      Friend X        Accounts Receivable     100.00
>
> * Friend pays me back at 21/01/2009:
> Date            Description     Account                         Amount
> 21/01/2009      Friend X        Assets:Cash                     100.00
> 21/01/2009      Friend X        Accounts Receivable     -100.00
>
> If you wish to know how much Friend X still owes you on date Y, you can
> create
> a transaction report on the Accounts Receivable account, and group/sort on
> description.
>
> Alternatively, if you have friends you regularly borrow money to, and you
> want
> to track these friends separately, you can create subaccounts of
> A/Receivable
> for each friend and use these subaccounts in the above transactions.
>
> Hope that helps.
> >
> > Thanks!
> >
> >
> > Rafferty D. Uy
> > Software Engineer @ ease solutions Pte. Ltd.
> > MBA Student @ National University of Singapore
> >
> > "Being a CEO is like answering a call to bring the organization to a
> better
> > place than where you found it."
> > ~ Ed Ludwig (CEO of Becton, Dickinson)
> > _______________________________________________
> > gnucash-user mailing list
> > gnucash-user at gnucash.org
> > https://lists.gnucash.org/mailman/listinfo/gnucash-user
> > -----
> > Please remember to CC this list on all your replies.
> > You can do this by using Reply-To-List or Reply-All.
>
>
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
>



-- 
Fred Frigerio