On 4/10/19 11:18 PM, Adrien Monteleone wrote:
Read my other replies.
Every transaction has entries in two accounts (hence ‘double entry accounting’)
The first few chapters of the guide won’t take long and will alleviate much
potential frustration that would ensue if you try to wing it.
GnuCash is not so complicated to use that you need to take a bookkeeping
course, but you do have to abide its workflow, just like any other app.
(including spreadsheets)
(knowledge of accounting doesn’t hurt, but you can just pay a CPA for that part
if you like)
Regards,
Adrien
Hi Adrian,
Do you have a link?
So, do I set up two account for every credit card? Will
the link cover this?
Is this what you are talking about?
https://www.gnucash.org/docs/v3/C/gnucash-guide/cc-accounts1.html
7.2.1. Simple Setup
If you do not want to track each expense made on the credit
card, you can set up a simple account hierarchy like this:
-Assets
-Bank
-Liabilities
-Credit Card
-Expenses
-Credit Card
In this example, if you enter your total amount charged
per month as a transaction between Liabilities:Credit Card
and Expenses:Credit Card. When you make a payment, you
would enter transaction between Assets:Bank and
Liabilities:Credit Card.
The obvious limitation of this simple credit card setup is
that you cannot see where your money is going. All you
credit card expenses are being entered in the Credit Card
expense account. This is, however, very simple to set up
and maintain.
"Liabilities:Credit Card" and "Expenses:Credit Card". Huh.
Which one is charges I make and which one is payments I make?
And which one get the opening and closing balances?
-T
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