Newbies, account setup and manual reconciliation
edodd at billiau.net
Sat Nov 12 17:45:43 EST 2005
On Sun, 13 Nov 2005 08:34, Jeff Smith wrote:
> But I don't understand the accounting principles involved clearly enough
> to be sure how the accounts SHOULD be set up. Do I just post all these
> transactions to the credit card liability account? Or should I set up
> individual "bank accounts" for each card, and transfer money from those
> accounts to the categorized expense accounts for each transaction?
Each card needs its own account. You can make them quite separate or put them
under a 'top-level' account called Credit Cards. (Or you could get rid of all
but one, which might help stop the money flying out the door).
> Any direction on the best way to manage this would be most welcome.
> On another issue, is there a manual way to declare two records in the
> system as "matching records" as a sort of manual reconciliation? There
> are times when I'm importing records that I forget that a payment in the
> credit card QIF should be matched to an outgoing transaction from my
> checking account. So I end up with what appears to be a double payment.
> What is the correct way AFTER doing the QIF import to fix these and tell
> the system that they are two reports of the same transaction?
Dunno what the correct way is, but I delete duplicate transactions.
Is that really YOU that is reading this?
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