Outgoing personal loan clarification

Frankie Raney frankraney130 at gmail.com
Thu Nov 2 13:22:34 EDT 2017


So......which way?

On Nov 2, 2017 9:59 AM, "Tony Vanson" <tonyvans70 at gmail.com> wrote:

> Thanks to everyone. My problem is solved.
> Cheers
>
> Sent from Mail for Windows 10
>
> From: Adrien Monteleone
> Sent: Thursday, 2 November 2017 10:59 PM
> To: gnucash-user at gnucash.org
> Subject: Re: Outgoing personal loan clarification
>
> I think the usual structure there would be:
>
> Assets:Current Assets:Other Current Assets:Short Term Loans
>
> You could then have separate accounts under Short Term Loans for each
> person you’ve loaned to.
>
> And as noted by others, income accounts do not enter the picture. This is
> not new money. An asset is being returned to you. It’s just an asset
> transfer from the loan back to cash. (or checking account, etc.)
>
> Regards,
> Adrien
>
> > On Nov 2, 2017, at 3:19 AM, Tony Vanson <tonyvans70 at gmail.com> wrote:
> >
> > Hi all,
> > First time here, so please excuse my accounting ignorance.
> > Whilst I understand some of the GnuCash basics, I have a problem which
> I’m hoping I can get some help on.
> > I’m currently residing overseas and we employ a staff member.
> > This person has asked for a personal loan, which I have given, paid by
> cash from my bank account
> > I shall use generic amounts for the details.
> >
> > This person is paid a total 600.00 per month, split 300.00 paid on the
> 11th and 25th of each month.
> > The loan is for 2000.00 with 250.00 repayable on the 25th of each month
> for 8 months. I do not charge interest.
> > So on the 11th of the month she receives 300.00 and on the 25th 50.00
> cash with 250.00 being for the loan repayment.
> > My question is: how do I enter this in GnuCash?
> > I already have a bank account and have set up a ‘money owed’ account as
> an asset which shows the 2000.00 owing.
> > I have also set up a ‘loan repayment’ account as income.
> > Hopefully someone can advise me the particular steps I need to follow
> for what entries go where, particularly in regards to the 25th of the month
> items.
> > Cheers
> >
> >
> > Sent from Mail for Windows 10
> >
> >
> >
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