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Tracking expenses made on another's behalf and reimbursment. RRS feed

  • Question

  • Situation: We are handling some local affairs for a son who is working out of state. Occasionally my wife or I may make out-of-pocket payments on his behalf.  We'll later reimburse ourselves out of his bank account. I'm looking for a good way to track these expenses and reimbursements. I set up a loan account but that does not seem to answer the need for tracking the expenses I've made for him. I'm thinking what I need to do is to set up a special expense category and special reimbursement subcategory just for this and then use the category report to balance the two.  I had classed the expense as "loan" but that's not really the right use of that category. OBTW, it's Money 2001

    Opinions? Suggestions?

    Wednesday, December 19, 2012 4:05 PM

All replies

  • Two simple cases:

    1) A category or two like you suggest. You can just use one Expense category and then have income back against that category until it's back at $0 total. Or you can use an Expense category and a separate Interest category.

    2) A cash account ("(suspense)" you could name it) you transfer money into when you spend and transfer money back out of when you receive.

    Third, maybe more complex, case:

    3) Define Classification1 as Class, create Class named "Who" (or similar) and subclass "[son's name]". Just add that classification to all transactions of interest (e.g., category: "Housing" subcategory: "Maintenance" Class: "Who" Subclass: "Tom", memo: "paid somebody to rake the lawn ath Tom's house") and use it to report the data you are looking for.

    If i were already using classification for other reasons, I'd go with #3. Otherwise #2. #1 just adds noise to your income/expenses.

    Wednesday, December 19, 2012 6:15 PM
    Moderator
  • I created a "Properties" Classification in Money Plus Deluxe Sunset and now every transaction that has Split categories goes into that Classification.

    When I delete the category from the Classification line it also deletes the original Split category information.  I will have to load a backup to get my information correct on previous transactions which changed when I set up the classification.

    Has anyone worked with classifications?  I want to be able to review all Transactions that have to do with a certain property and run reports.

    Thursday, October 3, 2013 9:23 AM
  • I created a "Properties" Classification in Money Plus Deluxe Sunset and now every transaction that has Split categories goes into that Classification.

    When I delete the category from the Classification line it also deletes the original Split category information.  I will have to load a backup to get my information correct on previous transactions which changed when I set up the classification.

    Has anyone worked with classifications?  I want to be able to review all Transactions that have to do with a certain property and run reports.


    You will have much better luck if you start a new thread with an appropriate title rather than hijack a thread devoted to a completely different subject.
    Thursday, October 3, 2013 7:05 PM