On 4/11/19 12:04 AM, AC wrote:
On 2019-04-10 23:48, ToddAndMargo via gnucash-user wrote:
So, do I set up two account for every credit card? Will
the link cover this?
You set up one account for the card (Liabilities: Credit Card), one for
the bank (Assets: Bank) and then you have as many set up as you want for
expenses.
When you buy something, charge the card and have the "other" account be
Expenses: Groceries, Expenses: Gasoline, etc. Whatever you want as long
as the "other" account is some kind of expense account.
When you pay the credit card, it comes from Assets: Bank
Things like Quicken and Microsoft Money hid this by using the Payee as
the "other" account so it was relatively automatic. But GnuCash also
does auto-fill as you type so if your Description field was
"Supermarket" for the first time you set up a transaction between the
credit card and Expenses: Groceries, it'll remember that account
arrangement next time you enter "Supermarket" and then you only have to
change the amount.
For basic tracking the accounts will only have to be set up once and the
auto-fill will help you out afterwards (just change the amounts).
If you have more than one card just set it up as Liabilities: Card 1,
Liabilities Card 2, or other arrangements however you wish as long as
they're all liability accounts. Same for multiple bank accounts, just
make sure they're all asset accounts.
In my next life.
Right now I just want to enter charges and payment to
a credit card. Where the payment comes from, I DON'T CARE.
This is very frustrating for me.
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