Money in credit card account

[Maf. King]

On Monday 18 May 2009 12:17:15 Chris Henderson wrote:
> On Mon, May 18, 2009 at 4:00 AM, Maf. King <maf at chilwell.net> wrote:
> > On Monday 18 May 2009 11:47:24 Chris Henderson wrote:
> >> I have some money deposited in my credit card by someone & I was
> >> wondering where to add it. I have credit card under Liabilities as
> >> Type Credit Card.
> >>
> >> Thanks.
> >
> > It depends what the money deposited is.
> >
> > I can think that is might be:
> > A gift from someone,
> > A loan from someone,
> > A repayment on a loan you made to someone
> > A refund from a retailer for a returned purchase.
> >
> > each would (probably) use a different transfer account from your credit
> > card register.
>
> Sorry for not being clear in my previous email; just started using
> Gnucash. The money ($2000) I received on the credit card is a gift
> from someone. So I have some extra money sitting on the card. Should I
> add this to Liabilities - Credit Card and transfer to Income - Gift
> Received? (if I do this, credit card changes color to red). Or should
> I just open a new account under Income - Gifts Received called "credit
> card gift" and add the $2000 there?
>
> Thanks.

Hi,

Yep, I'd record it as a transfer between income:gift and credit card.  Yes, 
the credit card will go red, as you have (in effect) a negative balance on 
that account - the card company would call it "a credit balance". 

as you spend the money, the red number will reduce and eventually go 
black. :-(

regards,
Maf.