[GNC] I need basic help

[Alan Johnson]

You need to assign each CC transaction to an expense account. E.g. McDonalds is "dining".

When you pay down your CC, you make a transfer from you checking (or cash/etc) to the cc account.

The expense categories will allow you to run reports and see what you are spending your money on.

Your checking / cash is an asset. Your CC is a liability (something that you owe).

Go into the credit card account register and assign expense categories to all transactions that are assigned to imbalance.

The imbalance account should be empty. If it's not, then something is not assigned properly. 

Hope this helps.

Oct 18, 2023 14:21:34 Edwin Booth <elybeedle at gmail.com>:

> Hi. New to this. I just downloaded an OFX file for a credit card I have. I
> imported it into my “Unsaved Book.” That worked. It is now on the Accounts
> Page with an amount under the “Total” column. But there is also a line that
> says “Imbalance-USD” with the same same amount under Total. I understand (I
> think) that that Imbalance is due to the fact that I have no other account
> in there and so there is nothing to balance my CC account with.
> 
> So, I obviously need to enter some new accounts. I haven’t paid off all of
> that CC account, but I have paid some of it. The unpaid portion would be
> under “Liability” I assume, and the paid part under “Expense.”
> 
> Not sure what to do next. I’m running GnuCash on a MacBook Pro, which I’m
> also pretty new at.
> 
> Thanks,
> 
> Edwin
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