1

I track my expenses and assets using an android application. It allows for a system similar to double entry bookkeeping. Where a recorded transaction make appropriate changes in two accounts. (an expense transaction will debit the expense account and credit the cash and so on).

Say I have a recurring expense, a bill payed every month. If one month my brother payed it on my behalf. How would I log this transaction? I would like it to be added to expense since this amount should be considered when budgeting.

Should I create another account and then debit expense and credit this new account. Or should I enter expense as normal then add an income from my brother?

To clarify, this record will not be used for any official or formal reports ( tax filings etc), only for my personal analysis.

Improve this question

1 Answer 1

Reset to default
3

I'd track it as a gift of cash from your brother to you and then record the expense as if you paid it like any other expense.

It won't show the exact flow of the money, so you might want to make a note in case you were trying to reconcile bank transactions at some point in the future.

Improve this answer
1
  • This was my first thought, as well. Alternatively, you could book two +/-bill entries for the same amount, like a refund/discount if you don't actually have a cash outflow to pay the bill.
    – 0xFEE1DEAD
    Apr 29, 2021 at 16:45

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .