Please help me figure out how to correctly reflect the money I lent in GoodBudget?
Of course, I can reflect them as an expense (and then as an income). But I think this is wrong, because this is not an expense at all.
It depends on whether you loaned the money from money you use in your budget. If so, it IS an expense for now, but you can add repayments as income. It sounds like that’s not what you intend though.
In that case, my personal solution would be to make a new Goal envelope specifically for your loan, with a negative balance equal to the amount you loaned (if it wasn’t from your “everyday” money) or a transaction for that amount (if it did come out of money you would normally have to spend). Make sure your budget instruction is set to “Add $0” and enter each repayment as a “Fill from New Income” to that envelope.
Hope that helps!
I use an Envelope to track reimbursables. The Envelope’s balance and budget are zero. When I loan money out, I expense it against that Envelope. The negative balance indicates to me that someone owes me money. When I get paid back, I’ll add it as a credit back to the Envelope.
Hope that helps!
@karisa - how that’s what I have been doing as well, but then it shows expenses as spending that I didn’t actually spend…
This page on the user guide is meant to address this topic - https://goodbudget.com/help/budgeting-with-goodbudget/credits-refunds/ - but I don’t get it.
The credit means that I don’t improperly count the reimbursement as income, but it doesn’t do anything about the fact that I entered an expense that wasn’t really spent does it?
I want to be able to pull a report that shows all of my annual spending vs all of my annual income (this is one of my BIGGEST pet peaves about this program, that the reports don’t total up the months to an annual total). So I don’t want things that were reimbursed to show up as expenses if they were paid back.
I’m so confused.
I, too, would like to see the overall total on the income vs. expense report for whatever time period I choose. Having to manually add up the totals of each month is pretty silly when the data is all there and can be easily reported.
Thanks for posting and sorry for the confusion! When you add a credit, Goodbudget will count that as negative spending in some of your reports. So if you spend 50 on Fun, and then add a credit back to Fun for 20, your Spending by Envelope report would tell you that you only spent 30.
Is that what you’re after? Thanks again.