Account manipulation question

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Account manipulation question

Jason Ahrens
This is actually a question half about accounting, half about how to do
it with GNU Cash.

I rent and I have a roommate. We split all the common bills 50/50. This
includes groceries, etc...

What happens typically is:
1) Items will be bought or bills will be paid. One of us will pay for
it. Distribution is fairly random.
2) Rent comes due. One of us will pay it.
3) I take all the bills for the month, calculate the difference between
what he paid/what I paid, and come up with a 0 balance number.
4) The one who did not pay the rent writes a cheque to the other for the
value I calculate.

The brings our household account to 0 every month.

Now, one option is to keep doing this above and separate from my
personal book keeping. That is, record the bills we bring in at 50% in
my personal record and don't bother with his portion in GNUCash, keep
doing it with my spreadsheet.

But I figure there has to be a decent way to work this scenario in
GNUCash with the porper use of expense, asset, and liability accounts. I
just can't seem to piece it together.

Anyone have any advice?

Thanks

Jason
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Re: Account manipulation question

Maf. King
On Thursday 14 September 2006 11:57, Jason wrote:
>
<SNIP>

> Now, one option is to keep doing this above and separate from my
> personal book keeping. That is, record the bills we bring in at 50% in
> my personal record and don't bother with his portion in GNUCash, keep
> doing it with my spreadsheet.
>
> But I figure there has to be a decent way to work this scenario in
> GNUCash with the porper use of expense, asset, and liability accounts. I
> just can't seem to piece it together.
>
> Anyone have any advice?
>

Hi Jason,

Here are my thoughts about this:
1. add an asset (or liability) account called eg. Roommate.  It doesn't matter
which type you choose, but maybe if he generally owes you money, asset might
be the best choice.  Then when you owe him money, you have a negative
balance... I'll assume this setup for the rest of this post.

2. You pay rent, whatever, and split the bill 50/50 between your usual expense
account and asset:roommate. A:roommate now shows a sum owing to you.

3. He pays electricity, whatever, you book a transaction between
asset:roommate and expense:electric for only your 50% share of that bill.
the asset account is now somewhat reduced.

4. at the end of the month, take the account balance and settle it with a
cheque between asset and checking (either you pay him or the other way round,
will govern the flow of funds here) Asset account is then 0.00 and a new
month starts.

5. IANAA, so use at your own risk!

HTH,
Maf.

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Re: Account manipulation question

Katharine Timberlake
IANAA either, but I use accounts receivable (asset) for working out how
much I am waiting for my clients to pay on invoices that I have
produced, and accounts payable (liability) for that which my business
owes me personally for rent, etc. It works fine and ends up with amounts
being moved to / from my checking account so I can reconcile with my
statement at the end of the month, as well as having a running total for
what the amount owed to or by me. It really is quite neat.

Katharine

Maf. King wrote:

> On Thursday 14 September 2006 11:57, Jason wrote:
>  
> <SNIP>
>
>  
>> Now, one option is to keep doing this above and separate from my
>> personal book keeping. That is, record the bills we bring in at 50% in
>> my personal record and don't bother with his portion in GNUCash, keep
>> doing it with my spreadsheet.
>>
>> But I figure there has to be a decent way to work this scenario in
>> GNUCash with the porper use of expense, asset, and liability accounts. I
>> just can't seem to piece it together.
>>
>> Anyone have any advice?
>>
>>    
>
> Hi Jason,
>
> Here are my thoughts about this:
> 1. add an asset (or liability) account called eg. Roommate.  It doesn't matter
> which type you choose, but maybe if he generally owes you money, asset might
> be the best choice.  Then when you owe him money, you have a negative
> balance... I'll assume this setup for the rest of this post.
>
> 2. You pay rent, whatever, and split the bill 50/50 between your usual expense
> account and asset:roommate. A:roommate now shows a sum owing to you.
>
> 3. He pays electricity, whatever, you book a transaction between
> asset:roommate and expense:electric for only your 50% share of that bill.
> the asset account is now somewhat reduced.
>
> 4. at the end of the month, take the account balance and settle it with a
> cheque between asset and checking (either you pay him or the other way round,
> will govern the flow of funds here) Asset account is then 0.00 and a new
> month starts.
>
> 5. IANAA, so use at your own risk!
>
> HTH,
> Maf.
>
> _______________________________________________
> gnucash-user mailing list
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> https://lists.gnucash.org/mailman/listinfo/gnucash-user
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> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
>
>  
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