Credit Card
Maf. King
maf at chilwell.net
Tue Oct 7 15:26:51 EDT 2008
On Tuesday 07 October 2008 16:55:35 Mike or Penny Novack wrote:
> Justin Griffith wrote:
> >Hi,
> >Hello list! I just got a Credit Card and wanted to set it up in gnucash to
> >track purchases made with it. I am not sure what accounts to setup to do
> >this. I have my checking account setup already in gnucash and got it
> > working fine. I am going to be using the Credit Card to pay bills so will
> > have charges on it every month. Which accounts do I need to track that
> > with? Thanks!
> >
> >-Justin
>
> Justin, you should create an account for the credit card of type
> "liabilities". Each charge you make is a transaction to that account,
> likewise any interest charges and/or fees. When at the end of the month
> you make a payment from your checking account, that goes against the
> credit card account lowering the balance, or hopefully reducing it to zero.
>
> Michael
>
Hi,
I'd suggest that you make the card account in GC of type "Credit Card" rather
than "Liability" - you get more intuitive column labels and so on.
You may wish to make a parent account of type liability, to hold this and any
future cards, loans or liabilities all in one place, but that is up to what
makes you comfortable.
Cheers,
Maf.
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