Hi - I’m new to Tiller, and fairly new to budgeting apps. Currently, I’m trying to figure out how to manage a transaction that was partly reimbursable, and the money that was reimbursed to me is being paid in different ways. To be more specific, I purchased trophies for my kid’s soccer team on my credit card. Most of that is to be paid back to me by parents, but not all as I needed to also pay for my own kids’ trophies (so some of that purchase remains as credit card debt). Most parents have paid me back in cash, but I’ve also been paid with Venmo, which is money that I transferred to my checking account. How do I manage all of this on my Tiller budget? One suggestion I was given was to create a separate category just for this, but it’s only a one-time deal and I don’t want a category that isn’t used regularly. Thanks in advance for suggestions or guiding me to where I can find an answer on this.
Please see this schedule that I created to explain one possible solution to your situation.
Here’s what I would do…
Original transaction: split between an expense (your portion of the expense) and a budget category like “reimbursable expenses”.
Reimbursements when they hit the checking account (when deposit cash, transfer from Venmo, etc): include as a positive hit to the “reimbursable expenses” budget category to net to zero.
I think it depends really on how much money you are talking about and how much effort you want to put into it. Assuming it isnt a huge amount of money, How I would handle is just put the total amount you spent in the category your part would normally go in. i.e. Sports / Kids. This would be the withdrawl ( lets say -$100) Then as you get Reimbursments put them in as Deposits ( +$20) . Ultimately this gets you to the same spot and isnt too much work. If its a large amount of money I would do what Kathryan said, which is exactly how I handle work Reimbursments.
Thanks for the input, everyone. I really appreciate the ideas. It’s not a large amount of money, and only a one-time sort of deal (at least for this particular situation), so I was hoping to find a relatively simple and straightforward solution, and again, I appreciate these ideas!