split transaction question

[Michael DeBusk]

On 02/02/2010 10:15 PM, Jeffrey Schneider wrote:

> My question is I would like to know how to post a check to my credit
> card company and split the transaction into each  retailer that I
> used.  BUT I also want to show the total amount in the liability
> credit card account.

That isn't the way to do it, though. It doesn't accurately reflect the
way the money flows.

When you charge, say, a tank of gasoline, you debit Expenses:Auto:Gas
and you credit Liabilities:American Express:12345. That's because AmEx,
and not you, paid the vendor for the gas.

At the end of the cycle, you credit Assets:MyLocalBank:Checking and you
debit Liabilities:American Express:12345. That's because they paid some
of your expenses for you, and you're paying them back.

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