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Best way to manage payment from friends and family

Darshan

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?

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Rocket J Squirrel

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.

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jrsygrl926

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

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.

Darshan

Thanks @Rocket J Squirrel

Darshan

Thanks @jrsygrl926