how to record an opening debit balance in a credit account

[FireFly]

--- On Sun, 3/20/11, FireFly <fireflys_98 at yahoo.com> wrote:
> Correct, the default is that liability accounts (which
> includes credit cards) show as positive (black without
> brackets) when you owe money, and would be negative (red in
> brackets) if you have a credit balance.

So I'm politely informed that I'm talking utter bollocks (not the first time, sure as hell won't be the last) that it would be negative if you have a debit balance,

To put it in plain english terms (at least my understanding of it)

If will be negative (red in brackets) if you have overpaid the credit card and in effect they owe you money, will be positive (black without brackets) if you owe the credit card company money.

- James Duerr (not an accountant, never claimed to be one, or played one on TV)

E-mail: FireFlys_98 at yahoo.com
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