[GNC] Credit cards - how to deal with those?

[fromvendor]

Hi there,

I have my Credit Cards set up each to its own account of type liability (because I owe it eventually) under a parent placeholder called "Credit Cards".

Each transaction goes into the account appropriate for the card in question.  When I get the statement (download, however), I reconcile the card and match up receipts.  Once that is done, I "Pay" the card (check, EFT, however) from my bank account.  That reduces the balance in the CC account (backwards as it's a liability) and also reduces my bank account.

Note there are options on how to display a CC type account, I have it so I enter the transactions on the "Charge" column and the payment in the "Payment" column.  It's still Debit and Credits fundamentally so it works out.

Anyway, I hope that helps.
-greg

-----Original Message-----
From: gnucash-user [mailto:gnucash-user-bounces+fromvendor=outtacyte.com at gnucash.org] On Behalf Of Boniforti Flavio
Sent: Wednesday, September 18, 2024 4:43 PM
To: gnucash-user at gnucash.org
Subject: [GNC] Credit cards - how to deal with those?

... and another question from a noob: how to deal with credit card
transactions?
I usually would register it the day that I've done the transaction, so that
I can trace each single credit card transaction. Of course I know that the
money has not yet been deducted - it will happen once a month when the
credit card invoice is emitted. But if I would register *only* the credit
card invoice, I would lose track of each individual transaction - right?
So what (for a private individual - no business case here) would be the
most appropriate way to handle this?

TIA,
F.

https://www.instagram.com/boniforti_music
https://soundcloud.com/boniforti_music
https://bonny-j.bandcamp.com
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