[GNC] How to track Family expenses ?

[Adrien Monteleone]

> On Mar 12, 2020 w11d72, at 4:13 AM, Long <Phamhoanglongvn at outlook.com> wrote:
> 
> Hello,
> 
> Explain : 
> I want to track how much i or my wife spent for our family. So, I had
> "Expense:Family" and "Assets:Family" account, we (me and my wife) will
> transfer money when i or her buy foods for our family.
> 
> Example :
> *Assets:
> - Me
> ---- Checking
> ---- Cash
> - Her
> ---- Checking
> ---- Cash
> - Family
> *Expenses:
> - Family :
> --   Food :
> 
> Step 1 : We transfer "Assets:Family" to "Expenses:Family:Food".
> Step 2 : If that bills are from me (pay with Checking), i will transfer my
> money to "Assets:Family" from "Assets:Me:Checking".
> That practice made easier to track how much money i (or my wife) spent for
> our family.
> 1 - Know how much money "each persons" pay for family
> 2 - Know Total "Family expenses".
> 
> And 2 more questions :
> 1-  if i bought foods with my credit card, what should i do ?
> Should i transfer from "Credit Card" to "Foods" ? then i will make a payment
> to "Credit Card" from "Assets:Family", and then transfer my money from
> "Assets:Me:Checking" to "Assets:Family" ?

Correct. You pay for expenses with the Credit Card account. Then pay the Credit Card account separately. Wether you choose to pay from the Family checking account or your own is up to you. If this is a shared expense and the personal accounts are not real (just for tracking) then yes, transfer from your personal checking tracking account to the real family checking account for tracking your share of the payment.

> 2 - Should i place "Family" account to make expense in Assets or in
> Liability ?


If the account is a family checking account for example, it belongs in Assets, just like any other bank account.

If the account is a family credit card, then it belongs in Liabilities just like any other credit card.

Regards,
Adrien