Caveat: I'm not an accountant.
On Sat, Mar 24, 2018 at 07:21:31PM -0700, Steve Kelem wrote:
> How do I keep track of whether I've requested enough
> disbursements?
Presumably you have a GNC account for the 529 plan already,
reflecting its balance, earnings, etc. Here's an approach that,
while requiring more transactions, seems to me to reflect what's
actually happening.
> Ideally, when I pay for tuition, for example,
> 1. The funds go out of my checking account into the university
At this point, the 529 plan owes you money, even though they
don't know it yet. So enter two transactions:
- the obvious one: debit tuition expense, credit your bank
account
- but also: debit an "owed by 529 plan" asset account for
yourself, and an "owing to Steve" liability account for your
plan (I want to say "A/R" and "A/P" respectively, but in
GnuCash those specific account types are reserved for the
business functions, so one has to steer clear of them)
> 2. I need to make a disbursement request from my 529 plan
Make the request for the current balance of your "owed by 529
plan" asset account.
> 3. The disbursement gets deposited into my bank account.
Again, two transactions:
- debit bank, credit 529-plan assets
- debit 529-plan "owing", credit your "owed by plan"
Variations on the above for cases where you request the plan to
pay some expense directly -- which is why the disbursement
request is *not* for the current balance of the "owed by plan"
liability account.
- Eric
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