On 9/21/2020 9:37 AM, Daniel Fishman wrote:
Hello,
Suppose that you go with your friend to a shop, and then a friend
remembers that he forgotten his credit card and asks you to pay
for his merchandise. He intends to return the money later. You pay
in the shop (for example, buy a book) using your credit card. Then
a few days later the friend returns his debt - for example, by paying
you cash.
I want to document those facts in gnucash.
Since the payment to the shop was made by the credit card, an account
'Expenses:<shop name>' is debited, while an account 'Liability:<credit
card name>'
is credited. I also want to make it explicit that a friend incurred
debt due to this transaction.
Stop --- why did you debit Expenses:<shop name >> ? I assume you
normally do that (expense incurred where) rather than expense:category
of expense, but that's just a matter of what you want to track.
But THIS transaction wasn't about an expense of yours. It was about an
expense of your friend that he/she paid for by incurring a debt to you.
So for YOUR books, debit assets:owed by friend X; credit
liability:credit card. More likely the situation was that you ALSO
bought something, in which case the debit side of the transaction would
be a split.
Michael D Novack
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