[GNC] 2 Questions About Debit Cards

[Stephen M. Butler]

Haim,

I'm in the US and here the debit card directly debits the checking
(asset) account.  From your description it appears that your debit card
acts more like a credit card but with automatic payments from checking
on some regular basis (perhaps daily).

Can you download the transactions from the debit account?  In that case,
I'd setup the debit account as a liability (just my preference -- might
depend on how the bank uses the debit/credit columns in the download). 
This should catch both your charges and your payments .

You would have one transaction per charge from debit to expenses.   Plus
one transaction per payment from checking to debit.

Depending on how you bank auto pays the debit card, that might end up
being two transactions per use of the debit card.  However, I thought
you mentioned that the bank sometimes combines multiple charges into a
single payment.

--Steve


On 8/28/19 5:14 AM, Haim Roman wrote:
> 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=
>> 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
>> _______________________________________________
>> gnucash-user mailing list
>> gnucash-user at gnucash.org
>> To update your subscription preferences or to unsubscribe:
>> https://lists.gnucash.org/mailman/listinfo/gnucash-user
>> If you are using Nabble or Gmane, please see
>> https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
>> -----
>> Please remember to CC this list on all your replies.
>> You can do this by using Reply-To-List or Reply-All.
>>
>>
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> To update your subscription preferences or to unsubscribe:
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.


-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
-------------------------------------------
GnuPG Fingerprint:  8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8