Thank you for your response Jim.
When I get the credit card statement, I transfer the statement balance
from the "<Bank><Product>CreditCard Transactions" account
to the "<Bank><Product>CreditCard Statements" account.
The balance on the "Statements" account helps me track the balance due
for payment.
The Balance on the "Transactions" account help me track spending in the
current billing cycle.
The total of the two balances appears as balance for the parent account
<Bank><Product>CreditCard anyway, so I know how much of my credit limit
I am using.
I am aware I might be overdoing this, but it helps me keep things clear
between me and my partners and CPA in our small business.
On 5/1/22 19:23, Jim DeLaHunt wrote:
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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