[GNC] noobie question about split transactions

[David H]

Well to be totally accurate you should enter each credit card txn as and
when you make them - the statement/reconciliation process is only to
confirm your records with the bank records.  If you just take the statement
as gospel you cannot know if the bank screwed something up :-)

Of course this is all dependent on how many txns you have each cc period -
some user just download and import the bank txns but I'm just a simple
personal finance user of Gnucash.

Cheers David H.


On Sun, 19 Nov 2023 at 05:34, Tim via gnucash-user <gnucash-user at gnucash.org>
wrote:

> 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
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