Best way to manage payment from friends and family

Darshan
Darshan Member ✭✭
Hi,

What is the best way to manage payment from friends & family when you paid for them earlier? For example, I paid on behalf of my friends for the outdoor activities/travel and later they paid me back using various payment methods. How should I manage these transactions? Should I record the entire payment I made under appropriate category as expense initially and then record their payment as Income under the same category?

Best Answer

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    Answer ✓
    Darshan said:
    Should I record the entire payment I made under appropriate category as expense initially and then record their payment as Income under the same category?
    Yes, unless you have some particular personal reason to categorize them differently. Thus you can track your own expenses easily.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.

Answers

  • jrsygrl926
    jrsygrl926 Member ✭✭
    The way I do it is have a category as a loan/friends-family. So its easier. But that it just me.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    Answer ✓
    Darshan said:
    Should I record the entire payment I made under appropriate category as expense initially and then record their payment as Income under the same category?
    Yes, unless you have some particular personal reason to categorize them differently. Thus you can track your own expenses easily.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Darshan
    Darshan Member ✭✭
  • Darshan
    Darshan Member ✭✭
    Thanks @jrsygrl926
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