Two separate accounts with shared credit card activity
warlord at MIT.EDU
Thu Dec 3 10:27:57 EST 2015
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.
Pay Wife's CC: $1000 Bank -> Equity:Wife
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 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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