gnucash-user Digest, Vol 122, Issue 20

[Peter Kiessling]

On May 16, 2013, at 8:51 AM, gnucash-user-request at gnucash.org wrote:

Message: 7
Date: Thu, 16 May 2013 10:35:46 -0400
From: Derek Atkins <warlord at MIT.EDU>
To: "Martijn\, Brandy & Grace" <Usadutchies at bellsouth.net>
Cc: gnucash-user at gnucash.org
Subject: Re: Type of account for advanced money?
Message-ID: <sjm8v3fj8l9.fsf at mocana.ihtfp.org>
Content-Type: text/plain; charset=us-ascii

Hi,

"Martijn, Brandy & Grace" <Usadutchies at bellsouth.net> writes:

> Hello,
> 
> I advanced some money for a company I worked for (basicly I put some
> business stuff on my credit card), what type of account should I make
> for that under what catagory?

IANAA but I'd record it as an Asset (money owed to you).

> And how would I process the reimbursement? The reimbursement is a
> check and will be deposited into my checking account, from there I
> have to transfer it back to my credit card.

As a transfer from your Asset back to your Bank account.

> Thanks so much and have a blessed day!
> 
> Martijn

> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.

-derek

-- 
      Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
      Member, MIT Student Information Processing Board  (SIPB)
      URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
      warlord at MIT.EDU                        PGP key available

I have a slightly different take on this which works for me.
I have an Expense account(s) ( children as appropriate) for reimbursed or possible reimbursed expenses. The credit card then gets the initial entry (liability- credit) and the expense account is the other side - debit. I pay the whole credit card bill which of course includes those possible reimbursed expenses.(checking=credit; credit card= debit) When I get reimbursed the check goes to the checking account (asset-debit) and the other side is the reimbursed expense account(credit) which hopefully returns to zero.  This also works for things like Medical expenses I pay and later get reimbursed. 

-Pete