Keith,
Similar to what Mike and other’s described here, I use an asset account for
this.
I have an Assets > Current Assets > Reimbursements account (with sub accounts
for friends and family members whom I regularly share expenses with, usually
for gifts) that I use in these cases.
An example
On 1/14/2018 1:57 PM, Keith Lewis wrote:
I'm new to GC, longtime Quicken user. This is a double-entry accounting question rather than a GC
question-hope that's okay in this mailing list. I made a purchase for a gift w credit card and used
expenses:gifts to balance. Afterwards, a friend wanted t
I would account for it as your original thought: debit cash, credit gift
expense.
As far as you are concerned, you paid for half of the gift, so your total
expense is half the cost of the gift. Not all money you receive is income.
On Sun, Jan 14, 2018, 14:00 Keith Lewis wrote:
> I'm new to GC,
I'm new to GC, longtime Quicken user. This is a double-entry accounting
question rather than a GC question-hope that's okay in this mailing list. I
made a purchase for a gift w credit card and used expenses:gifts to balance.
Afterwards, a friend wanted to help with the gift and so paid me half w
