[GNC] noobie question about split transactions

[G R Hewitt]

I agree, enter the tx as you make them, it helps in keeping an eye on
spending
and is less tedious than when, at the end of the month, you have a large
'wad' to input.
I too, use my CC for everything and pay it off each month, but my reason is
that if I use my debit card and it gets compromised, it is *my* bank
account that gets emptied.
If my CC gets compromised it is the bank's money that gets taken, and they
are more likely
to chase down their money in a timely fashion than mine. And of course, my
money is also
earning interest until I move it across to pay the CC. What's not to like?

G

On Sat, 18 Nov 2023 at 22:24, Michael or Penny Novack <
stepbystepfarm at comcast.net> wrote:

> On 11/18/2023 2:33 PM, timothyscully at yahoo.com 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
>
> In theory, you enter transactions as you make them. But there is no
> actual need to be entering transactions "real time". If you wait till
> you see the statement, remember the correct date to use (for each
> charge) would be the transaction date  (not the posting date and
> certainly not the date of the statement). HOWEVER --- you are losing
> information during reconciliation << that's more important with you bank
> account >> Also note that delayed entry is safe only when your credit
> limit is WAY more than you might charge in a month. If you have to
> consider the credit limit, enter transactions as you make them. .
>
> Good for you on paying the balance each month. I also treat our credit
> cards as a "30 day net account". Why pay interest? For those who respond
> "then why not pay cash or debit card?" note that these days many things
> require "by credit card" and you might also have greater fraud
> protection. Since have to use credit card for some, why not all. As long
> as you can resist the temptation to not pay the entire balance.
>
> Michael D Novack
>
>
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