Hi all,
I'm trying to figure out how to handle short term loans and contributions in transactions and budgets. E.g.
We go to a restaurant. I pay for the bill (which wipes my entertainment account.) At the same time all my friends repay their parts.
OR
I have a friend staying over that contributes R500 towards the grocery bill. At the same the grocery bill is higher for that month. But I also got R500 in.
That's not part of my normal budget or income so I'd like to keep it separate. How do you guys normally handle it?
Thanks :-)
Comments
Hi Francois,
Thanks for the question!
In the case of your first example, we suggest splitting the restaurant bill transaction into two parts - the part you actually spent and the part your friend(s) refunded you. You can categorise your part as normal, but you'll want to categorise the refund part into the Transfer spending group. This will ensure it doesn't contribute towards your spend and inflate it. Similarly, if your friends transfer you their portions and they reflect as transactions in 22seven, you can categorise those transactions into the Transfer spending group so they don't add to your income. The same logic should apply to your second example perfectly :)
To split a transaction, simply select it and use the "Split" option next to the amount field to split it into as many parts as you need to.
I hope this helps! Shout if you have any other questions.
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