Reimbursement from employer
Posted: Tue Mar 22, 2022 8:48 am
I have been using Money Manager Ex for 2 years and I am absolutely satisfied with this program.
Recently I have faced a new problem and I would be happy to receive some advice.
Situation:
I spent some sum of money from my Cash or Credit Card account in order to purchase something for my office. I will get my money back when I receive my next salary, after sending a receipt to the employer.
Question:
Let's say I paid $50, so it should be a withdrawal, correct? But actually, it is not an expense since I am going to get my money back!
Let's say my monthly salary is $1000. My next salary is going to be $1000 + $50 = $1050 as income. But $50 actually is not income, rather a return of expenses.
So I am afraid that my Income/Expense report will not be correct.
Do you have any ideas on how to manage it?
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23/03/2022
Probably, I have found a solution and I would like to know your opinion.
I create a new Loan account and transfer money from/to this account.
I paid $50 cash for some stuff for my office. Instead of writing it as withdrawal, I make a transfer from my Cash to my Loan account with proper comments. Since it is not a withdrawal, it is not going to be present in the report as an expense.
At the beginning of next month, I will receive my monthly salary of $1050 instead of $1000. But I will write it in 2 rows, not in one.
Salary = $1000
Refund = $50 - this is transfer back from my Loan account to my Cash account.
As for as I understand, the expense/income report should be OK, since it is not taking into consideration transfers.
Is it a good solution?
Recently I have faced a new problem and I would be happy to receive some advice.
Situation:
I spent some sum of money from my Cash or Credit Card account in order to purchase something for my office. I will get my money back when I receive my next salary, after sending a receipt to the employer.
Question:
Let's say I paid $50, so it should be a withdrawal, correct? But actually, it is not an expense since I am going to get my money back!
Let's say my monthly salary is $1000. My next salary is going to be $1000 + $50 = $1050 as income. But $50 actually is not income, rather a return of expenses.
So I am afraid that my Income/Expense report will not be correct.
Do you have any ideas on how to manage it?
===========================================================================================
23/03/2022
Probably, I have found a solution and I would like to know your opinion.
I create a new Loan account and transfer money from/to this account.
I paid $50 cash for some stuff for my office. Instead of writing it as withdrawal, I make a transfer from my Cash to my Loan account with proper comments. Since it is not a withdrawal, it is not going to be present in the report as an expense.
At the beginning of next month, I will receive my monthly salary of $1050 instead of $1000. But I will write it in 2 rows, not in one.
Salary = $1000
Refund = $50 - this is transfer back from my Loan account to my Cash account.
As for as I understand, the expense/income report should be OK, since it is not taking into consideration transfers.
Is it a good solution?