[GNC] 2 Questions About Debit Cards

[Robert Heller]

At Wed, 28 Aug 2019 09:21:47 -0500 David Carlson <david.carlson.417 at gmail.com> wrote:

> 
> 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.

And UMass's photo IDs are also rechargeable debit cards (and can be using with 
vending machines and dining commons around campus.  (It is not a 
VISA/MasterCard branded card and can only be used on campus.)

> 
> 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
> > >> _______________________________________________
> > >> 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
> >
> >
> > _______________________________________________
> > 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.
> >
> 
> 

-- 
Robert Heller             -- 978-544-6933
Deepwoods Software        -- Custom Software Services
http://www.deepsoft.com/  -- Linux Administration Services
heller at deepsoft.com       -- Webhosting Services