On 2022-05-01 16:27, Smartner LLC wrote:
…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.…
If that works for you, great. However, it is not the structure I use,
and I don't understand how you use the separation between statements and
transactions.
My structure is a single GnuCash "account" for
Liability:<Bank><Product>Credit Card. I enter all transactions on that
card in that account. When statements come in, I use the GnuCash
"reconciliation" feature to mark the transactions which the card company
confirms on its statement as "reconciled" in my GnuCash books. The
expenses since the last generated statement are simply those which do
not have the status of "reconciled". The View… Filter… dialogue allows
me to hide all the reconciled transactions if I want.
What do you do with the transactions in your
Liability:<Bank><Product>CreditCard:Transactions account when the
following month's statement comes in? Do you edit each transaction so
that it moves to the Liability:<Bank><Product>CreditCard:Statements
account instead? That looks to me like more work than using the
reconciliation feature, and I don't see what extra utility it would give
you.
By the way, I am keeping books for my personal finances and a small
self-proprietership business. My stakes are low, and I have no auditor
to satisfy. I see no need to close my books at the end of the year; some
of my account registers span 10-20 years.
Best regards,
—Jim DeLaHunt
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