Sorry to necro the thread, but I want to thank you for helping out
with this. I went with the contra expense account and have been very
happy with it.
Thanks,
Scott
On Wed, Jul 3, 2019 at 3:30 PM Pranesh Prakash wrote:
>
> The way I see it, you have two options to account for what your company
The way I see it, you have two options to account for what your company
provides you via their debit card: (1) Income; (2) Contra-Expense. Since
you don't want it to be "income", make it a contra expense account.
For the first case (2019-03-01), the "What:Is:This:Account?" the contra
expense acco
Dear Pranesh et al.,
I feel like a concept just clicked! Of course if I'm booking receiving the
money as Income then spending it would be at my Expense. I don't think that
I want to actually count this benefit as income then, especially since it
is also non-taxable to me.
If I do swap to an as
Alternatively, instead of accounting for the money from your company in the
debit card as an income, you could account for it as a contra expense
(i.e., an expense account with a *negative* balance, instead of the normal
positive balance). Another example of the use of a contra expense account
Dear Scott,
What you are doing currently is correct. From your perspective, it *is* an
expense, since you're recording the money you get from your company ("Income
:US:Hooli:Reimbursements:CommuterBenefit") as an income.
This recording of income makes this a case of "spending using company
res
Hi,
the bookings should be between
Assets:US:Hooli:CommuterDebitCard
and your receivable account. As this wasn't an expense for you. Basically it's
moving from one kind of assets (money on your card) to another kind of assets
(money you should receive from your company).
Regards,
Patrick
O
