[GNC] Other Income Account

classic Classic list List threaded Threaded
4 messages Options
Reply | Threaded
Open this post in threaded view
|

[GNC] Other Income Account

Lorrie Laskey
Hi all,

My "Other Income" account is showing bank transfers from a fried to my bank
account when reimbursing me for, say, shared vacation costs.

It is not income but reimbursement of some sort, isn't it?

Should this be categorized as income?
_______________________________________________
gnucash-user mailing list
[hidden email]
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
Reply | Threaded
Open this post in threaded view
|

Re: [GNC] Other Income Account

Michael or Penny Novack
On 1/26/2019 9:51 AM, Lorrie Laskey wrote:
> Hi all,
>
> My "Other Income" account is showing bank transfers from a fried to my bank
> account when reimbursing me for, say, shared vacation costs.
>
> It is not income but reimbursement of some sort, isn't it?
>
> Should this be categorized as income?
No.

If you are being reimbursed it means you laid out funds for an expense
that was shared with somebody else. At THAT time you should have entered
a split transaction, say crediting your bank account and debiting
"vacation" (expense) and "loaned to friend" (asset). Then when your
friend pays you back, debit bank account and credit this loan to you.

Michael D Novack
_______________________________________________
gnucash-user mailing list
[hidden email]
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
Reply | Threaded
Open this post in threaded view
|

Re: [GNC] Other Income Account

Adrien Monteleone-2
I’ll add on to Michael’s advice with my own take:

I established a set of Current Asset accounts under a parent called Reimbursements. Each child account belongs to a particular family member or friend with whom I regularly share expenses in both directions—e.g.,

Assets:Current Assets:Reimbursements:Mom
Assets:Current Assets:Reimbursements:Dad

When I spend on their behalf, I expense my portion if any, and their portion gets debited to this asset account.

When they pay me back, I credit their asset account. (reducing what is owed to me, what I have claim to)

If they pay on my behalf, I expense my portion, but instead of paying it out of my cash/checking, I do so with a credit to their Reimbursement account.

Rarely do we actually exchange cash, but this way if we want to settle up, I have the net figures.

I use these also for sharing gift costs amongst my siblings for our parents.

You could do this with liability accounts if you are regularly owing others, I just chose to put it under assets. You can also create both asset and liability for each individual, but then you don’t get the benefit of ’trading’ expenses and quickly seeing a net balance owed by or to a particular individual.

Regards,
Adrien



> On Jan 26, 2019, at 9:06 AM, Michael or Penny Novack <[hidden email]> wrote:
>
> On 1/26/2019 9:51 AM, Lorrie Laskey wrote:
>> Hi all,
>>
>> My "Other Income" account is showing bank transfers from a fried to my bank
>> account when reimbursing me for, say, shared vacation costs.
>>
>> It is not income but reimbursement of some sort, isn't it?
>>
>> Should this be categorized as income?
> No.
>
> If you are being reimbursed it means you laid out funds for an expense that was shared with somebody else. At THAT time you should have entered a split transaction, say crediting your bank account and debiting "vacation" (expense) and "loaned to friend" (asset). Then when your friend pays you back, debit bank account and credit this loan to you.
>
> Michael D Novack
> _______________________________________________
> gnucash-user mailing list
> [hidden email]
> To update your subscription preferences or to unsubscribe:
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
>


_______________________________________________
gnucash-user mailing list
[hidden email]
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
Reply | Threaded
Open this post in threaded view
|

Re: [GNC] Other Income Account

Stephen M. Butler
In reply to this post by Lorrie Laskey
On 1/26/19 6:51 AM, Lorrie Laskey wrote:
> Hi all,
>
> My "Other Income" account is showing bank transfers from a fried to my bank
> account when reimbursing me for, say, shared vacation costs.
>
> It is not income but reimbursement of some sort, isn't it?
>
> Should this be categorized as income?
If you have already expensed the whole amount, this would be a reduction
of expenses.  Not income.

--
Stephen M Butler, PMP, PSM
[hidden email]
[hidden email]
253-350-0166
-------------------------------------------
GnuPG Fingerprint:  8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8

_______________________________________________
gnucash-user mailing list
[hidden email]
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.