[GNC] GnuCash Reconciliation Window

[R Losey]

My GnuCash is the same way; I have "Reverse Balanced Accounts" is set for
Credit accounts. I don't remember changing this, so it may have come this
way. I also am not using the formal accounting labels.

Regardless, charges to the card should be in the right-hand column, and
payments should be in the left column.

On Mon, Nov 27, 2023 at 4:50 PM Tom Balazs <tom123online at gmail.com> wrote:

> In the Reconcile window I have checked off all the appropriate transactions
> as reconciled.
>
> Under preferences I see "Accounts / Reverse Balanced Accounts" and Credit
> accounts is checked.
> Does that mean that a credit card balance of $100, is actually -$100 in my
> net financial worth? In which case it is correctly checked?
>
> My credit card is a liability. In my chart of accounts it is "Liabilities:
> Credit Card 1"
>
> However, in my chart of accounts, I see that Credit Card 1 has a balance of
> positive $9,000.
> But my Loans show as a negative balance.
> Why is that?
>
> I see that Reverse Balanced Accounts is:
>     Income and Expense: unchecked
>     Credit Accounts: checked
>     None: unchecked
>
> I'm using:
>     GnuCash 4.8
>     Ubuntu 22
>
>
>
> On Mon, Nov 27, 2023 at 1:01 PM Tom Balazs <tom123online at gmail.com> wrote:
>
> > I'm having trouble understanding the GnuCash Reconciliation window.
> > Specifically, the Ending Balance, Reconciled Balance, and Difference.
> > Note: I'm not using GnuCash for my personal finances. And I'm not doing
> > that because I'm good with my finances. I have struggled with this stuff.
> >
> > You may want to jump to the end of this message. But here is a detailed
> > explanation of my situation.
> >
> > Credit Card Statement Says
> > Previous Balance: $9,851.37
> > Payments Made During This Statement Period
> > ... $9,843.38
> > ... $7.99
> > = $9,851.37 So I effectively begin this statement period with a $0
> balance
> > on my credit card.
> > Purchases $4,448.88
> > ... 69 purchase transactions
> >
> > GnuCash
> > What should my opening balance be?
> > In my Credit Card Ledger I begin with a transaction named "Opening
> > Balance", Transfer Account: "Equity: Opening Balances", Charge:
> $9,851.37.
> > That shows in the "Equity: Opening Balances" ledger as a "Decrease" of
> > $9,851.37.
> > So I begin this credit card statement period with a liability balance of
> > $9,851.37.
> > Just as the Credit Card Statement says: Payments are Made During This
> > Statement Period
> > ... $9,843.38
> > ... $7.99
> > = $9,851.37 Payments Made
> >
> > Then just as on the credit card statement I go on to make 69 purchase
> > transactions totaling $4,448.88.
> >
> > I go to the GnuCash Reconciliation window
> > ... Funds In Total: $9,851.37
> > ... Funds Out Total: $14,300.25
> > Simple math shows me: Funds Out $14,300.25 - Funds In $9,851.37 =
> $4,448.88
> > So, I'm doing something right.
> >
> > But the GnuCash reconciliation window also shows me:
> > Ending Balance: -$4,448.88
> > Reconciled Balance: $4,448.88
> > Difference: $8,897.76
> > Shouldn't I get to "Difference = $0". This looks like it's telling me I
> > did something wrong.
> > What am I missing here? Is this telling me that it is all matched and
> > reconciled?
> >
> >
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-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8