Money in credit card account

[Robert Heller]

At Mon, 18 May 2009 12:56:24 +0100 "Maf. King" <maf at chilwell.net> wrote:

> 
> On Monday 18 May 2009 12:17:15 Chris Henderson wrote:
> > On Mon, May 18, 2009 at 4:00 AM, Maf. King <maf at chilwell.net> wrote:
> > > On Monday 18 May 2009 11:47:24 Chris Henderson wrote:
> > >> I have some money deposited in my credit card by someone & I was
> > >> wondering where to add it. I have credit card under Liabilities as
> > >> Type Credit Card.
> > >>
> > >> Thanks.
> > >
> > > It depends what the money deposited is.
> > >
> > > I can think that is might be:
> > > A gift from someone,
> > > A loan from someone,
> > > A repayment on a loan you made to someone
> > > A refund from a retailer for a returned purchase.
> > >
> > > each would (probably) use a different transfer account from your credit
> > > card register.
> >
> > Sorry for not being clear in my previous email; just started using
> > Gnucash. The money ($2000) I received on the credit card is a gift
> > from someone. So I have some extra money sitting on the card. Should I
> > add this to Liabilities - Credit Card and transfer to Income - Gift
> > Received? (if I do this, credit card changes color to red). Or should
> > I just open a new account under Income - Gifts Received called "credit
> > card gift" and add the $2000 there?
> >
> > Thanks.
> 
> Hi,
> 
> Yep, I'd record it as a transfer between income:gift and credit card.  Yes, 
> the credit card will go red, as you have (in effect) a negative balance on 
> that account - the card company would call it "a credit balance". 

*Some* Credit Card Companies don't like holding credit balances and will
mail you a check.

> 
> as you spend the money, the red number will reduce and eventually go 
> black. :-(
> 
> regards,
> Maf.
> 
> 
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