Keeping track of small debt between friends, both ways

[Steven Cramer]

Isn't this one of reasons companies track some expenses as "Petty Cash"???

-----Original Message-----
From: gnucash-user [mailto:gnucash-user-bounces+steven.cramer=verizon.net at gnucash.org] On Behalf Of Pedro Emílio Machado de Brito
Sent: Tuesday, August 04, 2015 9:17 AM
To: Buddha Buck <blaisepascal at gmail.com>
Cc: gnucash-user at gnucash.org
Subject: Re: Keeping track of small debt between friends, both ways

On Tue, Aug 4, 2015 at 10:47 AM, Buddha Buck <blaisepascal at gmail.com> wrote:
> It's either an Asset or a Liability. Pick one. If you are concerned 
> about it sometimes having a negative balance, pick based on what you 
> think the typical balance would be: If you think Bob will owe you more 
> often than you will owe Bob, then make it an asset. If you think it's 
> the other way around, then make it a Liability.

I'd put it under Assets then, but it doesn't feel right.

Do equity accounts have other uses besides opening balances and closing the books (which I never do)?

> My solution to similar problems is to not worry about it. If I go out 
> to dinner with Bob and pick up the check, it's an expense. Informally, 
> I know he'll pick up the check next time to "settle the debt". I don't 
> worry that I paid $15 for his dinner, and he paid $12 for mine (so he'd owe me $3).

That was me too, before I started using Gnucash. Now I'm sort of crazy paranoid about every cent of my money :(

--
Pedro Emílio Machado de Brito

Ciência da Computação 2012 - Unicamp
Coordenador Financeiro - Centro Acadêmico da Computação (CACo)

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