[GNC] two lines for every entry

[ToddAndMargo]

On 4/10/19 11:18 PM, Adrien Monteleone wrote:
> Read my other replies.
> 
> Every transaction has entries in two accounts (hence ‘double entry accounting’)
> 
> The first few chapters of the guide won’t take long and will alleviate much potential frustration that would ensue if you try to wing it.
> 
> GnuCash is not so complicated to use that you need to take a bookkeeping course, but you do have to abide its workflow, just like any other app. (including spreadsheets)
> 
> (knowledge of accounting doesn’t hurt, but you can just pay a CPA for that part if you like)
> 
> Regards,
> Adrien

Hi Adrian,

Do you have a link?

So, do I set up two account for every credit card?  Will
the link cover this?

Is this what you are talking about?
https://www.gnucash.org/docs/v3/C/gnucash-guide/cc-accounts1.html

      7.2.1. Simple Setup
      If you do not want to track each expense made on the credit
      card, you can set up a simple account hierarchy like this:

      -Assets
         -Bank
      -Liabilities
         -Credit Card
      -Expenses
         -Credit Card

      In this example, if you enter your total amount charged
      per month as a transaction between Liabilities:Credit Card
      and Expenses:Credit Card. When you make a payment, you
      would enter transaction between Assets:Bank and
      Liabilities:Credit Card.

      The obvious limitation of this simple credit card setup is
      that you cannot see where your money is going. All you
      credit card expenses are being entered in the Credit Card
      expense account. This is, however, very simple to set up
      and maintain.


"Liabilities:Credit Card" and "Expenses:Credit Card".  Huh.
Which one is charges I make and which one is payments I make?
And which one get the opening and closing balances?

-T