A couple of doubts

[Mike or Penny Novack]

Conscious User wrote:

>Hello all Gnucash users and developers,
>
>I'm starting to use Gnucash now, and I'm sorry if the doubts I'm
>raising here are trivial, but due to an unfamiliarity with financial
>terms, specially in another language, I couldn't find the answers
>in the documentation.
>
>1) How can I program Gnucash to make a COMPLETE payment of my credit
>card bill monthly? So far, I could only find options where I had to
>specify the exact amount to the paid.
>  
>
1) There is no way for GnuCash (or any other accounting package) to know 
in advance how much you actually pay on any bill. That's why you have to 
enter the amount that you DO pay. Not "intentions" but actuality.

>2) How can I program Gnucash to increase my savings account by a
>interest rate of 0,5%/month?
>  
>
2) There are a zillion (OK, just dozens) of different ways that interest 
might be figured. In theory would be possible to code for a number of 
these different ways and provide a menu for users to select the 
particular method to apply to this account. In practice that wouldn't be 
very useful, prone to user error (wrong selection) and your records 
(when you made deposits or withdrawals) and the banks are unlikely to 
always agree precisely. More normal you wait till you have a statement 
form the bank and enter that month's interest.

   If you don't understand what I meant by "different ways", could you 
be a bit more precise what you meant by that 0.5% interest? Was that 
6%/365 times the average daily balance? Or was that 0.5%/30 times the 
average daily balance? Or does it matter how many actual days there were 
in the month? (with the first example it did).

Michael D Novack, FLMI

>Thanks in advance.
>
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