[GNC] noobie question about split transactions

[R Losey]

What you have been doing is interesting, but (as you've heard from the
feedback) not the recommended way of doing it.

I don't understand how you handled the dates; if the statement is dated 01
Nov, and has transactions throughout October, did you just enter them as
all occurring on 01 Nov?

We have made it a practice to get receipts for every transaction, throw
them in a drawer, and then enter everything once a week (using the proper
date).

When the credit card statement arrives, we reconcile it to what we've
entered and then set up the payment.

By the way, kudos on doing an import; I was too frightened after it failed
on me, but then I realized that I rarely go  back very often, so I just
started off the new year with the balances from Quicken and switched to
GnuCash, and not that I've been in GnuCash for about six years, I have
never needed to look at my old data from Quicken (although I still have it).



On Sat, Nov 18, 2023 at 2:07 PM Tim via gnucash-user <
gnucash-user at gnucash.org> wrote:

> Thanks everyone. I believe I understand where I went wrong. I have been
> getting away with abusing Quicken for years but now I'll straighten up and
> fly right.
>
> Thanks to all of you for your help!
>
> Tim
>
> > -----Original Message-----
> > From: timothyscully at yahoo.com <timothyscully at yahoo.com>
> > Sent: Saturday, November 18, 2023 11:33 AM
> > To: stepbystepfarm at comcast.net; gnucash-user at gnucash.org
> > Cc: timothyscully at yahoo.com
> > Subject: RE: [GNC] noobie question about split transactions
> >
> > 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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> > > gnucash-user at gnucash.org
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-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8