On 5/4/2018 4:13 AM, Gio Bacareza wrote:
Hi,
My partner and I are moving in together and we'd like to share expenses
like groceries, rent, etc. So we'd like to track expenses as well as our
appropriate contributions to make sure that we both are contributing
equally to house expenses.
How should I set up the contribution? Under what main account type should
it be? Any recommendations?
I am going to suggest something more straight forward than treating
contributions as "income", less distorting to what the situation is.
Imagine that this were an ordinary (business) partnership, income,
expenses, and partner's "drawings" or "contributions" (partner's drawing
accounts are under equity, representing each partner's investment in the
enterprise). In other words, you can look in a standard accounting text
under "accounting for partnerships".
OK, this is a special sort of partnership that only has expenses, no
income. So the drawing account of each partner will only show
contributions. Going to be very easy to see if the total contributions
are equal or not.
In other words, a funny set of books, in effect just "expenses" and
"equity" trees with meaningful content. You can leave the top level
parents "assets", "income", and "liabilities" in there, but usually
these would have no contents. Or perhaps because of how you run your
household, they might. For example, could be a "cookie jar" for small
amounts of cash held on hand, so something under assets. Or there might
be a situation where one partner pays a large bill but that partner's
contributions are already higher. So treat that as a loan to the
partnership and now something under "liabilities"
Michael D Novack
--
There is no possibility of social justice on a dead planet except the equality
of the grave.
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