Two separate accounts with shared credit card activity

[Derek Atkins]

Hi,

EngineInstitute <info at chinablueart.com> writes:

> Thanks Dorel, but that does not quite work for my situation. This was an
> online payment to the credit card account. When I post it as income to the
> credit card account of the wife it shows up also as income in the checking
> account. So, this cannot be reconciled since there was no income directly
> into the checking account. 
>
> Any thoughts would be greatly appreciated. Thanks.

IANAA, and I don't understand why a married couple would keep separate
books, but I would record the payment to/from an EQUITY account (in
both books).  E.g.

Husband's books:

   Pay Wife's CC:  $1000   Bank -> Equity:Wife

Wife's books:

   Hubby paid CC:    $1000  Equity:Husband -> CC

It's not an "expense" to the Hubby (at least I hope he doesn't consider
the wife to be an expense)..  And it's technically not "income" to the
wife.  It really is just a transfer of equity between them.

Again, IANAA, but this is how I'd do it.

> China Blue

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-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
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