Fw: Re: How to model this in GNU Cash?

[Rodlogic]

Now sending to the list too ...

On January 19, 2014 at 1:26:32 PM, Rodlogic (admin at rodlogic.net) wrote:

comments below ...
On January 17, 2014 at 8:02:20 PM, Alun Champion (alun at achampion.net) wrote:

It sounds like you are talking 2 different things, a budget for 
reporting and tracking actual transactions. It's unclear to me when 
you use the term budget what you mean. 
Yes, I may be confused about it myself since I am new to accounting and double-entry accounting.

The transfer of €1000.00 is an actual transaction between asset 
accounts (banks) - personal accounts to joint account. 
Logically you are paying 50% and she is paying 50% and in addition she 
is transferring some money from Euros to US. 
As a single transaction: 
Wife € Account: -500 (her portion) 
Husband $ Account: -675 (his portion - 1.35 exchange rate) 
Wife € Account: -500 (transfer to the US) 
Wife $ Account: 675 (1.35 exchange rate) 
Joint € Account: 1000 
‘is an actual transaction between asset accounts (banks)’ : this helps! I was unsure whether to model this as an income or an asset. This single transaction seems simple and straightforward, but has one drawback: I don’t necessarily pay her share in US$ at the same time she deposits the monthly amount in Euros. It usually happens at the end of the year or when needed.

Alternatively you could consider it that she is loaning you the €500 
($675) to pay for your portion of the deposit: 
Wife € Account: -500 (his loan) 
Wife $ Receivable: 675 
Husband $ Liability: -675 
Wife € Account: -500 (her portion) 
Joint € Account: 1000 
Repay the loan: 
Husband $ Account: -675 
Husband $ Liability: 675 
Wife $ Receivable: -675 
Wife $ Account: 675 

But this is probably overkill for personal finances.
Yes, I am definitely looking for the simplest solution. However, considering that my reimbursements are actually separate transactions since they don’t happen together with her deposits, is this the simplest way to go? Could I have a single reimbursement account that tracks the money I owe my wife?

On 16 January 2014 11:18, Rodlogic <admin at rodlogic.net> wrote: 
> A new GNUCash user here and only somewhat familiar with double-entry accounting. 
> 
> I want to use it for family budgeting purposes. The basic budget configuration is easy enough and the existing manual covers most of what I need. However, I have a couple of specifics that I would to also like model in GNUCash. 
> 
> My wife and I both have our own incomes and personal budgets (we do whatever we want with our money), but we also have a joint account that we use to pay for our joint expenses (e.g. cable, cleaning, rent, etc). We did a one time calculation of our expenses, added a little buffer on top of that and every month she deposits into our joint account 100% of this budgeted amount (say it’s 1000.00). We live in Europe and these accounts are in Euro. I work remote and earn my salary in the US so I have an account in US Dollars there and so does she, although no income in the US. At the same time she deposits 100% of the amount in Euro’s in our joint account, I deposit the equivalent of 50% of that into her US account in dollars. And we are squared. 
> 
> How should I model this monthly 1000.00 euro deposit? The obvious answer would be as an income account. But how should I model the fact that I need to deposit 500.00 euros into her US account? I want to make sure that this 50%/50% is balanced properly. 
> 
> I also want to have my own personal budget, investments etc as a different gnu cash file, but this should not be part of the joint budget, just the fact that I must pay her 50% of our monthly budget in US dollars. 
> 
> thanks for any advice! 
> 
> 
> _______________________________________________ 
> 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.