Loans to other people
Hi there, I am new to YNAB and struggling find out the following, couldnt find anything in the forum/documentation or vids:
What would be the best way to track my loans to other people, such that these are flagged to be repaid to me at some point?
Is there also an overview of what my relations owe me?
Example: I lend a friend 100 euro's this month, and I want to make sure my friend pays it back to me in the next month. Or I paid an work expense in advance and my boss needs to pay it back to me.
Ideas are much appreciated!
Tips: Create a category for Work Expenses and Joe's Expenses. ALWAYS use the same category for both outflows AND inflows. This keeps the net spending in reports at $0 (after reimbursement).
Additionally, the official description of the "Temporary Overspending" is overly complicated. The easy rule: if the category ever turns green, move those funds to the CC Payment category. You don't have to explicitly worry about when the reimbursement is received in relation to the outflow since the color is already dependent upon that.
I highly recommend the offset / budgeted category for small amounts (e.g., for friends) as it's a little less work not having to manage the CC Payment category. For large work expenses, the temporary overspending works well.
The problem I saw just using a job reimburesment category and a "loan out to others" is that the balance is lost when rolling over to a new month. (Today is Feb 1). Since negative balances don't roll over to the next month. How do I track that I'm waiting for a reimbursement and that it matches what I spent last last month?
Here is what I'm trying out. In addition to using categories, I created an asset tracking account called "Loaned Out" to track money I'm owed from my employer for reimbursable expenses or other people. It looks like asset tracking accounts are NOT included in your To Be Budgeted so it doesn't throw off my budget and acts as a handy ledger for money I'm owed and when it was paid.