[GNC] 2 Questions About Debit Cards

[Gary Holtum]

First you need to fund the debit card. $ has to come from somewhere. Then you use the debit card to purchase many different things.

 

One transaction to fund card, then many transactions to expense acct’s when you use it.

 

Similar to what you do with a credit card. Use it many times then make one payment.

 

Gary 

 

From: Haim Roman [mailto:haim.roman at gmail.com] 
Sent: Wednesday, August 28, 2019 8:15 AM
To: Gary Holtum
Cc: Gnucash Users
Subject: Re: [GNC] 2 Questions About Debit Cards

 

First of all, I want to thank everyone who has responded so far.  And those might respond in the future.  

 

Gary, did you mean that each use of a debit card involves two transactions?  1st from checking/savings to debit card, and 2nd from debit card to expense?  




_______________________________________________________________
Howard (Haim) Roman -- haim.roman at gmail.com -- 052-8-592-599 -- חיים רומן

LinkedIn: https://www.linkedin.com/in/haimroman

 

 

 

On Wed, Aug 28, 2019 at 3:02 PM Gary Holtum <diamondhranchqh at earthlink.net> wrote:

A debit card is an asset.

You transfer $ from Checking or Savings to Debit card then to Expense acct.

Gary

-----Original Message-----
From: gnucash-user [mailto:gnucash-user-bounces+diamondhranchqh <mailto:gnucash-user-bounces%2Bdiamondhranchqh> =earthlink.net at gnucash.org] On Behalf Of Haim Roman
Sent: Wednesday, August 28, 2019 5:05 AM
To: Gnucash Users
Subject: [GNC] 2 Questions About Debit Cards

Hi.  I'm new to GnuCash and to bookkeeping/accounting in general.  I have 2
questions about debit cards.

(1) I made my debit card account a Liability account, as I did with my
credit card accounts.  In the GnuCash archives, someone wrote a debit card
should be an Access account.  Is that correct?

(2) I envisioned debit card transactions as single transactions with 3
stages:  Checking to Debit Card to Expense (yes, I have different expense
accounts).
But I'm beginning to think that it should be 2 transactions: [a] Checking
to Debit Card, [b]  Debit Card to Expense.
The 1st deposits into the debit card account, and the 2nd withdraws from
it.
Is that correct?

Thanks
_______________________________________________________________
Howard (Haim) Roman -- haim.roman at gmail.com -- 052-8-592-599 -- חיים רומן
LinkedIn: https://www.linkedin.com/in/haimroman
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