[GNC] Credit Card Opening Balance

[David Carlson]

I keep PDF's of monthly credit card statements and lots of other important
things on a dedicated server on my LAN, backed up offline.  I do have a
spreadsheet tracking which items are on this server.  All of that was
started even before I started using GnuCash, and there is no need to put
that information into GnuCash.

On Sun, May 1, 2022 at 7:24 PM Jim DeLaHunt <list+gnucash at jdlh.com> wrote:

> On 2022-05-01 16:27, Smartner LLC wrote:
>
> > …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.…
>
> If that works for you, great. However, it is not the structure I use,
> and I don't understand how you use the separation between statements and
> transactions.
>
> My structure is a single GnuCash "account" for
> Liability:<Bank><Product>Credit Card. I enter all transactions on that
> card in that account. When statements come in, I use the GnuCash
> "reconciliation" feature to mark the transactions which the card company
> confirms on its statement as "reconciled" in my GnuCash books. The
> expenses since the last generated statement are simply those which do
> not have the status of "reconciled". The View… Filter… dialogue allows
> me to hide all the reconciled transactions if I want.
>
> What do you do with the transactions in your
> Liability:<Bank><Product>CreditCard:Transactions account when the
> following month's statement comes in?  Do you edit each transaction so
> that it moves to the Liability:<Bank><Product>CreditCard:Statements
> account instead?  That looks to me like more work than using the
> reconciliation feature, and I don't see what extra utility it would give
> you.
>
> By the way, I am keeping books for my personal finances and a small
> self-proprietership business. My stakes are low, and I have no auditor
> to satisfy. I see no need to close my books at the end of the year; some
> of my account registers span 10-20 years.
>
> Best regards,
>       —Jim DeLaHunt
>
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-- 
David Carlson