Newbie Question: Double entry and imported data

[Mark McKelvie]

 --- Andrew Grafham <andrew.grafham at gmail.com> wrote: 
> That sounds ok, except the transactions are likely
> to have different
> dates. I suppose to be 100% proper, I need a "Money
> that is floating
> between my bank account and my credit card" account,
> which the money
> sits in for the few days between when I pay the bill
> and when it gets
> credited to my account.

Is this really necessary? Sure you could have an
intermediary account, if you want to be really
pedantic about dates and the like. After all the date
you enter is only supposed to represent the date on
which you posted the transaction to your accounts. So,
long as your reconciliation works out OK, then I don't
see a problem. The dates of transactions on your bank
statement and credit card are the bank's view. That's
why in their books you, their customer, will appear as
a creditor. However, in your books the bank will
appear as a debtor. I know I'm digressing here, but
I'm sure this helps illustrate the point that your
dates don't really need to match up with those of the
bank. Basically, your view and record of your accounts
will be different, and so hence, leads to the need to
reconcile.

--
Mark McKelvie


	
	
		
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