[GNC] 2 Questions About Debit Cards

[Mike or Penny Novack]

On 8/28/2019 5:52 AM, Haim Roman wrote:
> I get separate statements for the checking account & debit card.
> On the checking account, it just notes that money was transferred to the
> debit card.
> It's the debit card statement that says to whom I paid.
>
> In addition, sometimes the checking statment notes a *single *transfer to
> the debit card that actually corresponds to *multiple *transactions on the
> debit card statement.
>
> I live in Israel.  Maybe debit cards work a bit differently in other
> countries.

I have a sneaky suspicion that "debit cards" are different in different 
places.

THIS example seems very similar to "petty cash fund" except no need to 
prefund (gets refreshed as needed by a transfer from  the supporting 
account). If that refresh is always after, you COULD treat like a credit 
card that was never used to borrow money << ie: a "30 day net" account >>

BTW -- that IS how Penny and I use our credit cards and also the 
business credit cards of the orgs I keep books for. In other words, 
although on the books as a liability, the balance is always paid in 
full, no interest ever paid, no loan balances left outstanding << though 
of course could show that way at the end of a reporting period >>

As for where to put an Israeli "debit card", could do either as an asset 
or a liability << this is easier to see when you just think debits and 
credits>>I I would decide that by the DATES the bank uses for the 
"refresh" transfer transaction, is that before or after on the statement.

Michael D Novack