Pay with Credit Card, split bill from cash with friend, how to reconcile budget?
Bill Wohler
wohler at newt.com
Fri Feb 26 04:56:48 EST 2016
The way I handle that is this:
Memo Account Payment Charge
Restaurant Name...
Liabilities:Credit Card $60
Expenses:Dining $20
Cash from Joe Assets:Liquid:Cash $20
Loan to Steve Assets:Accounts Receivable $20
I'll just use Accounts Receivable for one-offs, but create sub-accounts
for frequent borrowers or borrowees.
When Steve pays you back:
Restaurant name reimbursement
Assets:Accounts Receivable $20
Assets:Liquid:Venmo $20
Note that only $20 went into your Expenses:Dining account as you'd
expect.
Bill Chambers <wachambers at berkeley.edu> writes:
> Hey all,
>
> Just started using gnucash a month ago and I love it. I'm tracking down to
> the cash in my wallet and loving how easy it is to do!
>
> I'm having a bit of a challenge, here's the scenario (made up but an
> accurate reflect):
>
> I have a budget of $200 for going to to eat. I go out to dinner with some 2
> friends and we spend $60.
> I pick up the tab to make it simple and put it on one credit card while my
> friend hands me $20 on the spot and the other one sends me $20 on Venmo.
>
> I log those transactions in new cash. I register the $40 "income > payback
> from friend" and those amounts go into "cash on hand" and Venmo
> respectively. I log the $60 credit card transaction as "expense > food and
> dining".
>
> Here's my question, since I have a budget of $200, that credit card will
> show up as $60 meaning that I've already spent more than 25% of my monthly
> budget even though I actually haven't. I don't really get a rebate on the
> credit card transaction because I still have to pay the same amount to the
> credit card company, so it doesn't quite make sense to be to log it as
> such. I've tried a couple of different things and am now just thinking
> about trying to reconcile it at the end of the month some how but I also
> figure that this is a bit of a solved problem.
>
> How can I formulate these transactions to handle this kind of situation?
>
> Thank you so much,
> Bill
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--
Bill Wohler <wohler at newt.com> aka <Bill.Wohler at nasa.gov>
http://www.newt.com/wohler/
GnuPG ID:610BD9AD
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