Reimbursements from someone else
Not sure I'm understanding this correctly, because it's not doing what I want it to do.
I setup a category for reimbursements from other people. I recently used that category, end of January, for my mother. Put a trans rebuild on my CC for her vehicle. She is going to repay me over the next month or so. What I want, is the balance of that to carry forward each month, until I've zero'd it out.
But it's not moving forward into February, so I'm not sure how to set it up to do that.
Essentially you've lent her the money.
A potential solution: create a Tracking account for the receivable as an asset. Your payment to the Rebuild will match the original balance. As she pays you back, it'll be a transfer from the Tracking account to your checking account. This can come in as a TBB or to the Reimbursement category so that your reporting matches up to zero out the spending.
Negative balances in a category do not carry over month to month.
I have a similar issue as Mitch. I have three different family members that I have set up with categories. If my wife or I are at a store we may pick up something for them and they pay us back or they will pick up something at the store for us and we will pay them back. All is fine when it happens in the same month, but as Mitch say, if the balance is negative (they owe us) when the month rolls over, the balance does not carry over. If the balance is positive (we owe them) the balance does carry over.
If I set these up as tracking accounts, would I set them up as asset or liability accounts? Or does it matter? They really change between an asset and liability, sometimes in the same month, because the balances change between negative and positive relatively frequently (2-3 times a month sometimes).
jmorse, would you say more about how a tracking account would work for these situations?
I like the idea of using tracking accounts for this situation as jmorse says.
Here is another way to deal with it. See the youtube video from Nick True, link below.
Nick True's method works well if the transactions happen in adjacent months (e.g. Jan and Feb) but not so great if they are spread out. I do an annual canoe trip where everybody pools their expenses, which can happen from February to August, and then balance it out when the trip is over. I really only want that balanced amount to show up on my budget for the canoe trip, but it doesn't work out well when I have a category for Canoe trips and have inflow coming in as reimbursement for the amount that I spent over my share of the trip many months earlier.