[GNC] 2 Questions About Debit Cards

[David Carlson]

Just to make this thread more interesting, here in the United States it is
possible to purchase rechargeable 'gift cards' that can be used like credit
cards to pay for things, and recharged at a bank or currency exchange to be
used again.  I think these are used by people who do not want to have a
bank account, but need a way to pay with 'plastic'.  As in some other
countries, there are now retail businesses appearing that do not accept
cash.

I would liken such a card to be an asset,

David Carlson

On Wed, Aug 28, 2019 at 8:57 AM Stephen M. Butler <kg7je at arrl.net> wrote:

> 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
> >> _______________________________________________
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> >>
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>
> --
> Stephen M Butler, PMP, PSM
> Stephen.M.Butler51 at gmail.com
> kg7je at arrl.net
> 253-350-0166
> -------------------------------------------
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>
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-- 
David Carlson