Double Entry of Informal "Loan" & Repayment

Buddha Buck blaisepascal at gmail.com
Sun Jan 14 15:20:11 EST 2018


I would account for it as your original thought: debit cash, credit gift
expense.

As far as you are concerned, you paid for half of the gift, so your total
expense is half the cost of the gift. Not all money you receive is income.


On Sun, Jan 14, 2018, 14:00 Keith Lewis <kblewis at va.metrocast.net> wrote:

> I'm new to GC, longtime Quicken user. This is a double-entry accounting
> question rather than a GC question-hope that's okay in this mailing list. I
> made a purchase for a gift w credit card and used expenses:gifts to
> balance. Afterwards, a friend wanted to help with the gift and so paid me
> half with cash. I think I should deposit that cash into assets:wallet and
> balance with expenses:gift. But isnt the cash from my friend income? Does
> this sound right to you? Now imagine my friend had offered ahead of time to
> help pay for the gift, but didn't immediately have the cash. I think I
> could record the transactions as above or set up a "loan" account to track
> the "loan". IOW split liability:creditcard -> expense:gifts
> + liability:creditcard -> loan; then when he pays me back, loan ->
> asset:wallet.Thanks for your time,Keith
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