automatic linking of transactions

John M's Avatar

John M

09 Jun, 2018 04:44 PM

Here's a complicated question, please bear with me!
My wife and I give our kids a monthly allowance for clothes and personal expenses. We track their purchases and subtract them from their allowance each month. Any money left goes in their savings account, or if they spent more than their allowance we take the difference from their savings. Since the savings accounts are real bank accounts, we track their expenses during the month in a phantom "credit card" account with the Bank of Mom and Dad. Then when we reconcile everything, we make one transfer per kid between our checking and their savings.
In order to make the double-entry bookkeeping work out, I also created a Bank of Mom and Dad asset account. When we advance money to a kid, it shows up as a debit to our checking account and a credit to the Bank of Mom and Dad (since their debt to us is an asset). At the same time, there needs to be a debit to the kid's phantom credit card account to show what they owe.
I know this all sounds complex and geeky, but that's what accounting software is for, right?
Anyway, my question is this: it's easy to link the debit from our checking account as a credit to the Bank of Mom and Dad, but I'd also like this transaction to create a debit the the kid's "credit card" account at the same time instead of entering it separately. Is there a way to do that? Or is there an easier way to track their spending and then account for everything at the end of the month?

  1. 1 Posted by Mike Bray on 09 Jun, 2018 07:15 PM

    Mike Bray 's Avatar

    I am a user not part of support.

    Hi John

    If I understand correctly you want a third dimension to your reporting. For example when you
    transfer an amount between the real accounts and your Mum and Dad account you wish to
    record the effect on the child’s phantom credit card. You might want to look at Tags.
    If you assign a Tag to the phantom credit card then you can report by Tag to get the current
    balance. I suspect it will need some experimenting but it could do what you want.
    Regards
    Mike

    Sent from my iPad

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