Considering that (most) credit card statements are generated on days
other then the first or last day of the month, is there any documented
guidance around carrying forward yearly opening balances for credit
cards and unpaid (not yet due) credit card statements?
I tend to maintain the following structure for every credit card
Liability:<Bank><Product>Credit Card
Liability:<Bank><ProductCreditCard:Statements
Liability:<Bank><ProductCreditCard:Transactions
This helps me keep the transactions and statements separate and ensure
that I can track the expenses since the last generated statement
separately. Meanwhile, I can track total outstanding on the card on the
rolled up balance for the liability account for the credit card.
For yearly opening balances...
1. I carry forward the statement balance from the mid-December statement
as an opening balance for the "Statements" account.
2. I carry forward the closing balance of the transactions account after
posting all transactions on the card before 01-Jan.
Is there a better way to do this?
Regards,
Smartner
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