[GNC] Accounting Help - Credit Card transfer

[Michael or Penny Novack]

On 5/18/2023 5:38 PM, Chris Ledbetter via gnucash-user wrote:
> Hi,
> Currently using GnuCash 4.14.  I have Credit Card A with an opening balance (transfer Equity:Opening Balances) and subsequent transactions.  I set up Credit Card B.  I transfer the majority of the balance to Credit Card B but still keep Credit Card A.  How do I set up Credit Card B transactions?  In Credit Card A is move the balance as a transaction (transfer Liabilities:Credit Card:Credit Card B) and in Credit Card B the initial transaction is (transfer Liabilities:Credit Card:Credit Card A).  Is this the correct way to transfer?  Should Credit Card B have on E even if thequity:Opening Balance?

a0 When you set up credit card B (with the bank issuing it) was there a 
balance already?  If not, you just create the account with zero starting 
balance.

NOTE --- you can always do this even if there is a balance in some new 
account you are creating. The "wizard" allowing you to create an account 
with a balance WITHOUT an explicit transaction putting it there is just 
a shortcut, useful when opening new books, LOTS of accounts with a 
starting balance. But when adding an account to your CoA might as well 
do it the old fashioned way with an initial transaction.

b) The transferring X dollars liability from Credit Card A to Credit 
Card B is a transaction debit A and credit B for $X     If you are using 
the supposedly "user friendly" column titles, I will leave it to you to 
figure out which is debit and which credit. But essentially this 
transaction is just a transfer of a liability.,


Michael D Novack