Thanks for the confirmation, Christopher.
Humblest apologies about the lack of a trailing "e"! Must be this new
split keyboard (at least, that's my story :-)
Cheers,
-Bruce
Christopher Browne wrote:
>
> On Wed, 31 May 2000 20:09:47 PDT, the world broke into rejoicing as
> Bruce and Liz Chaplin <[EMAIL PROTECTED]> said:
> > Hi all,
> >
> > Thanks for the responses to my question.
> >
> > I especially like the one proposed below by Christopher Brown, using
> > an Assets -> Account Receivable account. Since I am an engineer, not
> > an accountant, I'd like to make sure that I have the details correct,
> > in particular for the case where I eventually get paid for these
> > expenses. The normal case is that I usually spend my own money, and
> > then get reimbursed (I previously threw the expense advance scenario
> > in there for completeness).
>
> One minor irritant: that should be "Browne." Don't worry; I won't be
> looking up your address so I can drive by your house and pelt it with
> bits of foam made into the shape of lower case "e"'s :-). I'll just
> think happy thoughts and watch an extra episode of Monty Python at
> some point :-).
>
> > So, to recap Chris's proposal:
> >
> > > --> Spent money on dinner on the road
> > >
> > > DR CR
> > > Receivable from Co $40
> > > Credit Card $40
> >
> > OK, so now I get paid by the company, and the money is deposited into
> > my checking account:
> >
> > DR CR
> > ------------------------------------
> > Receivable from Co $40
> > Checking $40
> >
> >
> > And now I pay my credit card bill:
> >
> > DR CR
> > ------------------------------------
> > Checking $40
> > Credit Card $40
> >
> >
> > Is that correct? I'm doing what seems "intuitive" to my
> > "non-accounting" brain ;-) If not, how should it be handled? It seems
> > like a lot of work/entries to me.
>
> I think you're trying too hard to make accounting appear "non-intuitive."
> Your intuition looks to be working quite all right. (Accounting is like
> that; the "learning curve chasm" is there, but it is not all that much
> worse than the "Unix learning cliff.")
>
> And it really _doesn't_ add any more work, as you're going to be making
> several entries _anyways_.
>
> a) You'd be entering the transaction for the expenditure anyways, so
> that you can reconcile the credit card account; that's one.
>
> b) When you pay the credit card bill, that's a second transaction.
>
> c) When the money comes from the company to pay for the expenditure,
> that's three transactions.
>
> Nicely corresponding to the three transactions that you show up above.
> The _only_ odditity is that instead of the expenditure going to an
> expense account, it goes in the "Receivable from Company" account.
> --
> [EMAIL PROTECTED] - <http://www.hex.net/~cbbrowne/linux.html>
> What happens when your "Windows Digital Nervous System" crashes? Do
> we call that a "Microsoft Nervous Breakdown?"
>
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