Questions on credit card accounting

[Lee Hauser]

On Wed, Sep 10, 2008 at 8:52 AM, Michael DeBusk <michael at nlphilia.com> wrote:
> Lee Hauser wrote:
>
>> Does anyone have ideas how to show this in Gnucash? I'd like to get
>> the account details in a QFX file from American Express, but that
>> involves a third account to bring into the mix. I'd like an easy way
>> to show our AmEx transactions as if they were cash
>
> You might be surprised to learn that the way you're doing it is actually
> MORE complicated than doing it "the right way". If you set up both...
>
>   Assets:Current:BankName:Checking
> and
>   Liabilities:Revolving:CostCo American Express
>
> ...and make sure the first window that gnucash opens is your account
> summary, you'll immediately see the difference between the two balances.
> Just enter the charges in your AmEx account as you accrue them (or hook
> up with the OFX on a regular basis).

HAH! I never said my way wasn't complicated, but I would never have
seen YOUR way in a million years. Brilliant. Thank you so much!

Thanks to David for his reply as well.