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Old 10-15-2005, 12:20 PM
Dick Watson
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Default Re: "Floated" (or loaned) Money paid back in cash

Do you have a cash account for money in your pocket? If so, transfer from
the liability to the cash account. If not, put some Food:Groceries (or
whatever) expense in the liability account until the cash share is paid
down.

<psandler70[at]hotmail.com> wrote in message
news:1129355290.316093.316340[at]f14g2000cwb.googlegroups.com...
- quote -

> All,
> I'm sure variations on this question have been asked before, but I
> can't seem to find an answer that makes sense in my situation.
> I have a cash account that I use for loaning money, borrowing money,
> etc. I call it Misc. Assets and Liabilities. I've used this
> successfully in the past when I've floated someone money--for example,
> I bought my mother's computer on my credit card. She sent me a check,
> I put the deposit against that account, and all was well.
> In my current situation, I pre-paid my volleyball team fees. The total
> was $360, $60 of which was for myself. Representing the loan was no
> problem--I split the payment so that $300 went into my "misc." account.
> At least one member of my team will likely pay me in cash. How can I
> represent this repayment in Money without actually making a cash
> deposit?
> Thanks in advance for any insight.
> Phil



  #-1  
Old 10-15-2005, 05:48 AM
psandler70@hotmail.com
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Posts: n/a
Default "Floated" (or loaned) Money paid back in cash

All,

I'm sure variations on this question have been asked before, but I
can't seem to find an answer that makes sense in my situation.

I have a cash account that I use for loaning money, borrowing money,
etc. I call it Misc. Assets and Liabilities. I've used this
successfully in the past when I've floated someone money--for example,
I bought my mother's computer on my credit card. She sent me a check,
I put the deposit against that account, and all was well.

In my current situation, I pre-paid my volleyball team fees. The total
was $360, $60 of which was for myself. Representing the loan was no
problem--I split the payment so that $300 went into my "misc." account.

At least one member of my team will likely pay me in cash. How can I
represent this repayment in Money without actually making a cash
deposit?

Thanks in advance for any insight.

Phil

 

Tags
back, cash, floated, loaned, money, paid
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