gnucash-user Digest, Vol 122, Issue 20
Peter Kiessling
pjkiess at gmail.com
Thu May 16 16:57:44 EDT 2013
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
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