How to handle vacation 'loan' and repayment to family member?

Posted by Just me on July 11, 2009, 2:13 pm

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A month ago I traveled overseas. When I arrived there a family member
loaned me a sum of cash in the local currency so that I would not have
to worry about hitting ATMs during the course of my stay. This week I
deposited the corresponding, currency exchange rate adjusted sum into
my family member's savings account here in the U.S.

I have not yet entered into Quicken any of this, including the day by
day expenses from my trip.

How would you handle this 'loan' from my family member?

How would you handle the receipt of the lump sum at the beginning of
the trip?

How would you handle my repayment of this sum once I returned to the
U.S.?

Would you create a separate vacation account?

Thanks!

George
gearlnospamno@nospamcomcast.net

Posted by Ken Blake on July 11, 2009, 2:40 pm

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On Sat, 11 Jul 2009 14:13:32 -0400, Just me

> A month ago I traveled overseas. When I arrived there a family member

> loaned me a sum of cash in the local currency so that I would not have

> to worry about hitting ATMs during the course of my stay. This week I

> deposited the corresponding, currency exchange rate adjusted sum into

> my family member's savings account here in the U.S.

> I have not yet entered into Quicken any of this, including the day by

> day expenses from my trip.

> How would you handle this 'loan' from my family member?

> How would you handle the receipt of the lump sum at the beginning of

> the trip?

> How would you handle my repayment of this sum once I returned to the

> U.S.?

> Would you create a separate vacation account?

If it were me, I would simply make a single entry into Quicken--the
deposit of the currency exchange rate adjusted sum. Put that entry
into a cash or checking account (however you made it) and put it into
the category "Vacation." Putting in all the constituent pieces is
unnecessary and needlessly complicated.

--
Ken Blake
Please Reply to the Newsgroup

Posted by pyotr filipivich on July 11, 2009, 4:43 pm

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on or about Sat, 11 Jul 2009 11:40:36 -0700 did write/type or cause to
appear in alt.comp.software.financial.quicken the following:

>On Sat, 11 Jul 2009 14:13:32 -0400, Just me

>> A month ago I traveled overseas. When I arrived there a family member

>> loaned me a sum of cash in the local currency so that I would not have

>> to worry about hitting ATMs during the course of my stay. This week I

>> deposited the corresponding, currency exchange rate adjusted sum into

>> my family member's savings account here in the U.S.

>> I have not yet entered into Quicken any of this, including the day by

>> day expenses from my trip.

>> How would you handle this 'loan' from my family member?

>> How would you handle the receipt of the lump sum at the beginning of

>> the trip?

>> How would you handle my repayment of this sum once I returned to the

>> U.S.?

>> Would you create a separate vacation account?

>If it were me, I would simply make a single entry into Quicken--the

>deposit of the currency exchange rate adjusted sum. Put that entry

>into a cash or checking account (however you made it) and put it into

>the category "Vacation." Putting in all the constituent pieces is

>unnecessary and needlessly complicated.

Yeah, what he said.
-
pyotr filipivich.
Just about the time you finally see light at the end of the tunnel,
you find out it's a Government Project to build more tunnel.

Posted by pyotr filipivich on July 11, 2009, 4:42 pm

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about Sat, 11 Jul 2009 14:13:32 -0400 did write/type or cause to
appear in alt.comp.software.financial.quicken the following:

>A month ago I traveled overseas. When I arrived there a family member

>loaned me a sum of cash in the local currency so that I would not have

>to worry about hitting ATMs during the course of my stay. This week I

>deposited the corresponding, currency exchange rate adjusted sum into

>my family member's savings account here in the U.S.

>I have not yet entered into Quicken any of this, including the day by

>day expenses from my trip.

>How would you handle this 'loan' from my family member?

"off book". You were loaned ForEx, later you will spend "real
Money" to pay for the ForEx you borrowed. Think of it as shorting a
stock.

>How would you handle the receipt of the lump sum at the beginning of

>the trip?

        If you were buying the For Ex at the start of the trip, then you
can enter a category "Forex" as what you purchased.
        But you are not buying now, but settling later. So you are having
"a hamburger today" for which you will pay for Tuesday. You are using
now what you have no idea what the price will be when you settle.
        Hence my advice to handle it "off book", and make any entries in
US dollars when you return and know what the actual expense were.

>How would you handle my repayment of this sum once I returned to the

>U.S.?

Vacation Expenses - a total amount. You could break it down
according to how much went for hotels, food, postcards, and the like,
but a single entry "ought' to do it.

>Would you create a separate vacation account?

I wouldn't, You could. But remember, quicken (as far as I know)
only allows one currency, so an account in peso, yen or Turkish Lira
is going to mess with your books. Ie, last I heard an ice cream cone
in Istanbul is 600,000 T.L. If you have an account and keep track of
it that away, suddenly, your books are down $600,000, not the 75 cents
it actually cost.
If you feel a need for a complete record of your spending, I would
recommend setting up new file, track expenses there, and then generate
a report at the end of the trip, and break down the "ForEx" purchase
in your regular books as "X dollars hotels, Y$ cars, Z$ dinners, W for
souvenirs" etc.

tschus
pyotr
-
pyotr filipivich.
Just about the time you finally see light at the end of the tunnel,
you find out it's a Government Project to build more tunnel.

Posted by pyotr filipivich on July 12, 2009, 11:25 pm

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about Sat, 11 Jul 2009 14:13:32 -0400 did write/type or cause to
appear in alt.comp.software.financial.quicken the following:

>A month ago I traveled overseas. When I arrived there a family member

>loaned me a sum of cash in the local currency so that I would not have

>to worry about hitting ATMs during the course of my stay. This week I

>deposited the corresponding, currency exchange rate adjusted sum into

>my family member's savings account here in the U.S.

>I have not yet entered into Quicken any of this, including the day by

>day expenses from my trip.

>How would you handle this 'loan' from my family member?

On third thought - as off book as possible. Single entry of
"vacation expenses" and leave it go at that.

Whether or not you are intending to do this, what you are doing
_can_ be interpreted as money laundering. Or avoiding currency export
controls. Or other technical financial shenanigans.
-
pyotr filipivich.
Just about the time you finally see light at the end of the tunnel,
you find out it's a Government Project to build more tunnel.