'Loans': Asset or Expense?
Christopher Stamper
christopherstamper at gmail.com
Mon Jun 15 17:06:02 EDT 2009
Hello all,
Sorry if this is a stupid question - I don't profess to be an accounting
expert. :-)
I often find myself buying things for others, with the expectation that they
will reimburse me. Previously, I had been recording this as a 'gift', and
the reimbursement as 'other income'.
Now, I'm starting to think this is a dumb idea. I want to have a record of
what I am owed, so should I:
-Create an expense account, 'For Others', and post the expense+reimbursment
here
OR
-Create an assets account, and post the expense and re-imbursement?
I have been using method 2 for large loans to single individuals. However,
for this I want to have one catch-all account; anything else would be too
cumbersome.
What do you guys think?
Thanks!
--
Christopher Stamper
Email: christopherstamper at gmail.com
Web: http://tinyurl.com/2ooncg
gTalk: http://tinyurl.com/6e359r
Skype: cdstamper
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