Need help inputting a transaction (SOLVED).

[Bruno]

Michael, thank you very much. I didn't notice that the gas expense was 
in fact his, not mine. Kind of silly now, when I think about it. Sorry, 
I'm a total accounting newbie.

Once again, thanks.

Bruno

On 05/07/2012 08:16 AM, Mike or Penny Novack wrote:
> Bruno wrote:
>
>> Here is my question: A friend of mine lent me $20. I created a new 
>> account, under liabilities, called "Name_of_my_friend" and gave it a 
>> positive value of $20, so I knew I owed him $20.
>>
>> On the next weekend we were going to make a trip (using my car) to a 
>> close city. We decided to split the costs of gas and he would have to 
>> pay me $20, so he said: "You owe me $20, so my part is already paid".
>>
>> Then I withdrew $20 from my checking account and paid for the gas. 
>> Now I don't know how to input this transaction, because I want to:
>>
>> Bring the "Name_of_my_friend" account to zero, since I paid him.
>> Add $20 to the "expenses:auto:gas" account.
>> Decrease my "checking account" account by $20, since I withdrew $20.
>>
>> Is it possible to do that in a single transaction, if it is, how so?
>>
>> Thanks for your help.
>
> You can do this in a single transaction. Your confusion comes from 
> having left something out?  Where did the other half of the gas come 
> from. I'm  guessing  that was gas already in your vehicle so the half 
> being paid for by your friend was HIS gas expense, not yours.
>
> So THIS transaction was simply you paying off the liability (no "gas 
> expense"). You account for your part of the gas expense when you 
> refill your tank or you already entered it the last time you filled 
> your tank.
>
> Michael
>
>
>
>