Deleting accounts and resolving existing balances

Anne Wilson cannewilson at
Tue Aug 16 12:29:47 EDT 2005

On Tuesday 16 Aug 2005 13:29, Derek Atkins wrote:
> I would suggest you just zero-off the balance on the card by shifting
> it to an Equity account.  Perhaps Equity:Ex Wife Debt, if you want
> to keep track of how much she took.
> Deleting an account is something you rarely want to do.  It does NOT
> delete all the transactions in the account, it only deletes HALF of
> them..  And if it DID delete all of them then you'd lose the balances
> in other accounts, too.
> So, your best bet is really to zeroize the account..  Or start a new
> set of books.
From my experience of accounting in a business (IANAA) the usual way would 
be to make a credit payment against the credit card account (quoting 
transfer to wife), balancing it against whichever expense account you 
originally used.  If the amounts were against several expense accounts 
then an Expenses:Misc entry is probably the best place to balance it.

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