creditcard reconciliation impossible
abonnema at xs4all.nl
Fri Jun 23 09:03:55 EDT 2006
> But to go back to your question, I don't see what the problem is, and
> I don't think using accounts payable is a good solution. When you do
> the reconciliation, you only mark as reconciled the charges and
> payments that appear on the statement. The "ending balance" and
> "reconciled balance" will then be equal. They might not be equal to
> zero, though. The balance would only be zero if there were no
> purchases during the period, or if the payment posts in the same
Okee, I get that. This balances out the expences, but it does not
balance out the payments.
the bank *does* transfer money to the credit card company equal to the
sum of the expences.
It's just that the date it does it is not equal to the cc-company's
statement but is a week later.
(on the statement the cc-company states it will charge the bank in about
a week, so it's sort of a loan).
> Which brings me to a question. When *does* the payment P1 appear on
> the credit card statement? Is it reflected in the statement S1? If
> so, you need to make sure you enter the payment as of *that date*, not
> the date the payment clears the bank.
The payment P1 only appears on the bank statement with the date it was
charged by the cc-company. The statement of the cc-company is of an
earlier date and never shows the payment. It does show the amount it is
going to charge, which is equal to the amount of P1.
Okee, I am not an accountant, so my reasoning might be faulty. But as
far as I can see it appears that the cc-company postpones payment of an
amount I do owe them. That's why the A/payable account appears to be a
reasonable solution to the time difference.
Does all this make sense to you?
A.J. Bonnema, Leiden The Netherlands,
user #328198 (Linux Counter http://counter.li.org)
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