[GNC] Accounts which are both Income and Expense accounts

[Steve Butler]

I tend to create these as Asset type accounts (I loan value to my buddy so
this is Accounts Receivable or something for which I am to be reimbursed).
That way a negative amount means I owe my buddy.

It could also be a Liability account in that I borrowed from my buddy and
it is an Account Payable.  If it is negative then he owes me money.

Pick one way of looking at it.

On Mon, Jul 24, 2023, 09:03 Phyllis Bruce <pobruce46 at gmail.com> wrote:

> I'd set that account up as a credit card. Or I'd use Venmo for payments
> between friends.
>
> On Mon, Jul 24, 2023 at 10:54 AM Chris Green <cl at isbd.net> wrote:
>
> > Is there a 'right' way to handle an account which gets payments in two
> > directions?
> >
> > E.g. I have good relations with a friend and we often buy things for
> > each other and settle up at the end of the month.  Sometimes I owe the
> > friend some money, other times the friend owes me some money but it's
> > very definitely one account and one wants to see all the payments in
> > one place.
> >
> > I guess one can just say it's an 'Expense' account and make payments
> > in either direction as required, is this the only way or is there a
> > special name for such an account?
> >
> > --
> > Chris Green
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