[GNC] noobie question about split transactions

[timothyscully at yahoo.com]

Ah. I think I see my error.

When I get a credit card bill, I should open the credit card account and enter each line item as a transaction. I should be able to check my work by comparing the balance on the account with my bill (I always pay in full every month). Then as you say, paying the bill is a simple transaction between the bank account and credit card account. 

Have I understood correctly?

Thank you for your patience.

Tim

> -----Original Message-----
> From: gnucash-user <gnucash-user-
> bounces+timothyscully=yahoo.com at gnucash.org> On Behalf Of Michael or
> Penny Novack
> Sent: Saturday, November 18, 2023 11:20 AM
> To: gnucash-user at gnucash.org
> Subject: Re: [GNC] noobie question about split transactions
> 
> > I came to entering a credit card payment, which I enter as a split
> > transaction with line items for every line item in the credit card bill,
> > after I had spent many laborious minutes entering 50 or 60 line items I
> > accidentally hit enter and all of my work was deleted.
> 
> Stop right there. NOT a split transaction at the time you make a payment
> on your credit card debt. THAT is a simple "transfer" transaction, debit
> credit card and credit bank account.
> 
> Those things you purchased with your credit card? Those became expenses
> when you used your credit card to purchase them. debit to the
> [particular expense account and credit to the credit card << if you had
> paid by check or cash from your wallet, would be credit bank account or
> credit wallet >>
> 
> You were thinking about CASH FLOW  which is different << you can be "in
> the black" in your books but in trouble with a cash flow crunch or be
> fine (for now) as far as cash flow goes but deep in the red for the long
> term. Separate things. >>
> 
> Gnucash is proper double entry bookkeeping. You need to get a good grasp
> of the fundamentals of double entry bookkeeping and concepts of
> accounting. Nothing advanced or fancy, just the fundamental. If what I
> have written about entering (these) transactions isn't making sense to
> you, reread the tutorial.
> 
> 
> Michael D Novack
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> To update your subscription preferences or to unsubscribe:
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.