101

It does not sound like fraud, if your colleague is also told to expense only half the room cost despite originally paying all of it. The company's position seems to be that since two employees benefited equally from the room, its cost should be allocated equally for tracking purposes. Otherwise, it would be potentially unfair (though not illegal) if your ...


48

A simple budget spreadsheet is fine for this. In one tab, track all your income: - take-home money from employment (use an online calculator to estimate if you only know your gross salary, but within a few months you'll have actual real data to work with) - money from interest on savings - any other money you have coming in In another tab, work out your ...


26

Vicky provided a great answer and I agree that a spreadsheet is good for budgeting, some of the budgeting apps available make it easier to track spending or resolve deficits/overages in your budget, but none of them are perfect. Having to look at your monthly spending when entering it into your budget can help you be more aware of what you are spending on. ...


26

I think there are a couple of budgeting tools that have served me very well. Consider the big picture Think about money in terms of years, not paychecks. Netflix isn't just $12 per month, just one latte per paycheck; it's $144 per year. Your rent is $15,000 per year. A Mercedes lease is $7,000 per year. Etc. Make the numbers in your head bigger not ...


19

I don't understand how you can claim half the expenses. Every company I work for requires receipts, invoices, bills or statements of account or similar proof of having made the expense. You don't have a bill from the hotel, ergo you can't claim an expense made on the company's behalf. Your colleague has the bill for the room, if he claims only half of it ...


13

Is your credit card spending on things outside the categories listed in your question? I generally don't put credit card expenditures in their own category of spending because I'm buying things like gas and groceries, etc. I track all spending whether from my checking account (bill autopay) or credit card account as spending in budget categories, and I just ...


11

In addition to the other fine answers here regarding spreadsheets, and zero-based budgets, I have found that another great key to success is to only allocate money to be spend in the month after it was earned. I allocate the paychecks I receive in March to be spent in April, etc., because until I actually receive the paycheck I'm really just hoping that they ...


10

I'm going to take the “Expense Piechart” report in GnuCash 2.6.7 as my primary example; other reports may have slightly different options. Open the report you want to use. Click “Options" in the toolbar or “Report Options” in the Edit menu. In the “Accounts” tab, the “Show Accounts until level” option (or “Account Display Depth” in some other reports) cuts ...


10

Is this fraud (i.e. a crime)? It depends. What is the source of the reimbursement? And is your colleague requesting a full reimbursement? If your colleague only requests 1/2 reimbursement, then that is just stupid accounting. But, maybe your companies accounting system is setup to force this lousy solution. If your colleague requests a full reimbursement, ...


10

In such a situation, I'd write on the expense claim something like: Paid for by [Other Employee Name] - receipts for full amount will be attached to [Other Employee Name]'s expenses claim. Please re-imburse directly to them. However the other employee fills in their claim (full amount, or "only their half"), it makes it relatively easy for the accounts ...


8

Split transactions are indispensable to anybody interested in accurately tracking their spending. If I go to the big-box pharmacy down the road to pick up a prescription and then also grab a loaf of bread and a jug of milk while there, then I'd want to enter the transaction into my software as: one single transaction for the total amount, but some part of ...


7

Electronic transactions When you receive your credit card statement (or bank statement if you used a debit card), you should see a line for the purchase expressed in the format 11,123 JPY @ 0.0094443 : $105.05. It really doesn't matter what rate your bank uses, they're going to collect from you in USD, thus your expense was incurred in USD. In other words, ...


7

I'm a mathematician, not an accountant. But my feeling has been that the distinction between Asset and Liability is mainly a sign convention, and comes from a wish to avoid negative numbers. Suppose you take out a loan for $1000 and deposit the proceeds in your bank account. Under normal accounting conventions, your bank account is an Asset and the loan ...


7

This is just a case of Mint not categorizing correctly. You can simply recategorize the line items as "Transfer" in order for them to be considered neutral.


7

Bren's comment is right on the mark. The typical solution is to divide all bills by 5, and for special items, the person buying it just marks his name that it's not community food. Your attempt at a granularity level this detailed is admirable, but produces false results. What happens when I claim to be a zero percent milk drinker but when someone gives me ...


5

For a personal finance forum, this is too complicated for sustained use and you should find a simpler solution. For a mathematical exercise, you are missing information required to do the split fairly. You have to know who overlaps and when to know how to do the splits. For an extreme example, take your dates given: Considering 100 days of calculation ...


5

If one did the tracking and found that all is well, things may be fine in the short term. But, after a time, if you don't pay attention, it's easy for items to creep up. The restaurant costs rise, as might vacations or gadgets. Truth is, if you have a decent saving rate, say 20%, and no debt, except for the mortgage, you may decide to stop tracking, it's a ...


5

Expense tracking can be useful in several ways, even if you're not in financial difficulties or in the midst of a lifestyle change. Even if you only keep a basic budget, e.g. money in, money out, savings, etc. keeping track of this information allows you to estimate how your financial situation will change if you incur additional expenses, e.g. have a child,...


4

A pencil and a small notepad really work here, but if you have a smartphone then some way of using it makes sense as well. Try: Writing, or buying, a small app which lets you record entries with just one word description (e.g. "Coffee") and an amount. Use a memo feature of a phone to write a brief description and the amount every time you buy something ...


4

When I was in grad school (at an engineering school) my apartment-mates and I came up with this formula: We each bought 100% of the food we intended to consume. We each consumed 0% of the food that we did not buy ourselves. Worked marvelously.


4

It's money out of thin air to offset the expense. It's not coming out of thin air. The money to pay for the iTunes transactions is coming from the "lump sum" in your iTunes account. The current amount of this "lump sum" should be listed as an asset. If you put more money into this "lump sum" amount, you should record that as a debit to wherever the money ...


4

Ditto Nate Eldredge in many ways, but let me add some other thoughts. BTW there are not four types of account, but five. You're forgetting equity, also called capital. Would it be possible to design an accounting system that does not have 5 types of accounts, maybe is simpler in other ways, and is internally consistent and logical? I'm sure it is. But what'...


4

Does this sound correct? Can be correct, but where I am it would be awkward. More for the company than for your or your colleague. (see below) No other company I've been with would think it's correct to apply for reimbursement for something that the employee didn't pay for. That is correct. The solution is that your colleague invoices you for your ...


3

Would that be a reasonably accurate way to compute my expenses for 2017? Yes, I would say that is "reasonably accurate". However, I would urge you to reconsider avoiding the tedious method. If you can spend one weekend and have your entire year's expenses categorized properly, all future budgeting becomes much easier (and the process itself is enlightening)....


3

Unfortunately, Mint cannot connect with TreasuryDirect to track savings bonds. But, you can manually add the value of the bonds as "other property" in Mint and update it manually on a monthly basis (when the value of the bonds change). You can get the value of the bonds directly from the TreasuryDirect website, or through their savings bond wizard ...


3

The fund should be reporting returns net of expenses, so your interpretation is right; it made something like 0.42% (which sounds plausible, based on current yields on short-term securities), and the 0.05% is what's left after expenses. I've never seen a regular mutual fund report raw returns before expenses. If one does, the my personal opinion would be ...


3

The fund will take a small percentage of its assets to cover the expenses. Reported returns come after the expense ratio has been factored into things. Money market mutual funds can have a zero yield in some cases though breaking the buck can happen in some cases as noted on Wikipedia: The first money market mutual fund to break the buck was First ...


3

But I have been having a little difficulty to include the expenditure in my monthly budget as the billing cycle is from the 16th to 15th of the next month and my income comes in at the end of the month. Many companies will let you change the statement date if you want, so one way to do this would be to request your bank to have statements due at the end of ...


3

I may answer myself. I am afraid it was not my day when I tried it first. The split is exactly the same, but I have to take close attention at the exchange rate of the two eur<>gbp conversions (asset:"reimbursement due" and income:"Reimbursements") Debit "transport expense EUR" 30€ Credit "personal bank EUR" 30€ Debit "reimbursement due GBP" 30€ (+...


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