I'd thought that "reimbursable expenses" would generally mean purchases
incurred in the course of running a business or service, and will be later
charged to the customer when invoicing them. Eg materials, supplies.
Slightly different from a friendly loan which is an asset IMV.
On Mon, 21 Sep 2020
On 21 September 2020 at 16:37, Daniel Fishman said:
> 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
Daniel,
I use:
Assets:Current Assets:Reimbursements
I then have category accounts under that for,
Family
Friends
Other
And then individual accounts with each person's name. (I have one for
each sibling, parent, and several close friends where this happens
regularly enough to need them) But
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
On 2020-09-21 06:37, Daniel Fishman wrote:
> 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.
>
> Since the payment to the shop was made by the credit card, an account
> 'Expenses:' is debit
IANAA (I am not an accountant), but I handle that situation in my personal
books with an expense account named "Reimbursable expenses". When the money is
spent I credit it to Reimbursables, and when the money is repaid, I debit it to
Reimbursables.
Will
On 2020 Sep 21, at 09-21 09:35:39, Chris
Well you'd use the description field to describe the narrative of the
transaction. "Bought $50 of books from Shop for friend". Later on when
friend settles debt into your bank you'd write "recover $50 from friend".
This approach would mean the widget shop shouldn't appear in your expense
report. I
On 9/21/20 5:15 PM, Christopher Lam wrote:
I wouldn't add an entry into Expenses:shop -- you didn't exactly spend your
money into this shop.
Spending/lending money:
Liability:credit card -$50
Asset:Friend owes me +$50
Recovering funds:
Asset:Friend owes me -$50
Asset:Cash or bank +$50
It seem
I wouldn't add an entry into Expenses:shop -- you didn't exactly spend your
money into this shop.
Spending/lending money:
Liability:credit card -$50
Asset:Friend owes me +$50
Recovering funds:
Asset:Friend owes me -$50
Asset:Cash or bank +$50
HTH
On Mon, 21 Sep 2020, 9:40 pm Daniel Fishman, wr
