[GNC] Credit Card Opening Balance

Smartner LLC finance at smartnerllc.com
Sun May 1 19:27:08 EDT 2022


Considering that (most) credit card statements are generated on days 
other then the first or last day of the month, is there any documented 
guidance around carrying forward yearly opening balances for credit 
cards and unpaid (not yet due) credit card statements?


I tend to maintain the following structure for every credit card

Liability:<Bank><Product>Credit Card
     Liability:<Bank><ProductCreditCard:Statements
     Liability:<Bank><ProductCreditCard:Transactions

This helps me keep the transactions and statements separate and ensure 
that I can track the expenses since the last generated statement 
separately. Meanwhile, I can track total outstanding on the card  on the 
rolled up balance for the liability account for the credit card.

For yearly opening balances...

1. I carry forward the statement balance from the mid-December statement 
as an opening balance for the "Statements" account.

2. I carry forward the closing balance of the transactions account after 
posting all transactions on the card before 01-Jan.


Is there a better way to do this?


Regards,

Smartner



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