[GNC] Credit Card Format Good?
ornd25 at tutanota.com
ornd25 at tutanota.com
Sun Sep 15 21:03:30 EDT 2019
I've just recently started with GnuCash and decided to treat credit cards as liabilities rather than expenses as I did previously. To that end I've migrated my accounts, but since I don't know how the result should appear I'd like to ask if I have it done properly.
Right now I've set it up simply, without tracking individual purchases, but if I've done it right, I can begin to track individual purchases next month.
Expense:Credit Card Charge Account
Expense:Credit Card (Column "Tot Expense") $5
Liabilities:Credit Card-L (Column "Tot Rebate") $5
Liabilities Account
Entry 1
Credit Card-L Account
Bills:Credit Card Charge (Column "Payment") $5
Liabilities:Credit Cards - L (Column "Charge") $5
Entry 2
Credit Card-L Account
Liabilities:Credit Cards - L (Column "Payment") $5
Checking account (Column "Charge") $5
Expenses no longer balance; Liabilities balance, but I suppose they would if I'd done it completely backwards. Is this done properly or backwards?
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