Inscrit le: 24 Avr 2018
|Posté le: Dim 6 Mai - 07:44 (2018) Sujet du message: Pseudo bank accounts
I am a new MW Cashbook user, using the product for my home finances. I have little accounting/bookkeeping experience.
I have 2 sons who are young adults, and occasionally I lend them money or buy things on their behalf. I would like to account for this in a way that I can easily work out what they owe me and what they have paid back. How should I do this?
I thought of 2 alternatives, but I don't know how to implement them.
Option 1 is to have an income and expenditure account for each son, and post transactions to these as they occur. However, if I do this, how can I work out how much they owe me?
Option 2 is to set up a Bank account for each son, and try to duplicate each transaction from my real bank account into this 'pseudo' account. I think I have to keep the real transactions allocated to my real bank accont in order to reconcile it, which is why I think I have to duplicate these transactions. I am very confused about this option.
My brother-in-law (an accountant) said I should use a Debtors function, but this is only available in MW Gold.
Has anyone grappled with this scenario before?
Any help will be apprecited.
I didn't find the right solution from the Internet.
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