[GNC] Reconciling credit card

[Fred Bone]

On 09 December 2022 at 15:58, Mahon Finbar said:

> Hi,
> I am sure this is explained somewhere, but I haven't been able to find a
> simple explanation.
> 
> I have a register of transactions in an a/c called credit card.
> 
> I enter the data from the monthly statement, allocating them to various
> expenses and enter the monthly payment from a bank account.
> 
> [In my naivety]?? I assumed that when I enter the monthly payment the a/c
> will reflect the 'net' situation, i.e. the balance of current transactions
> less the latest payment.
> 
> I seemed to be motoring along ok until a while ago when everything in the
> balance column ended up -ve!!
> 
> Typically a se of entries looked like this -
> 
> but now it looks like this -
> 
> Obviously I have been doing something wrong or have created an error.
> 
> But what??

Probably entered either the payment or the purchases in the wrong column.

Purchases should be in the Credit column and payments from the bank 
account should be in the Debit column. (That is, when you look at the 
credit card a/c. Obviously the payment will be in the Credit column in 
the bank a/c).