How to set up credit card returns

[Dave Niezby]

It's a debit to the liability (otherwise called a deposit)

When you spend the money you increase your liability account.  When a payment is made or have a chargeback it is deposited back into the liability account thus lowering your liability. 


Entries you would select
LIABILITIES:CREDIT CARDS:VISA

Just record the withdrawal there and the deposit in that account.  

-- Dave

On Jan 31, 2012, at 17:00, "dad" <djbskip at comcast.net> wrote:

>    I am new to gnu cash program.  Have been able to figure out how to use the program.  My question: When you make a credit card transaction and record it.  Then you return the item you used the credit card on.  What do you enter in the transfer column for the credit card liability return?  Do you have to make a new account for this type of transaction?   Here is what I tried.  Made a new account under expense titled expense return.  It show up in red. In real time the credit card is a liability  and when I pay it off that is deductible from my assists.  But when I make a charge to the card and then get a return to the card.  It is not an assist and really no money has exchanged for my accounts until I send in  payment. Plus it should not add to my income as it was really not spent from my income.  Thereby not effecting my total worth.  Need suggestions as I have no accounting training.
> Thank you for your time and consideration.
> 
> Sincerely,
> 
> Don
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