Well to be totally accurate you should enter each credit card txn as and when you make them - the statement/reconciliation process is only to confirm your records with the bank records. If you just take the statement as gospel you cannot know if the bank screwed something up :-)
Of course this is all dependent on how many txns you have each cc period - some user just download and import the bank txns but I'm just a simple personal finance user of Gnucash. Cheers David H. On Sun, 19 Nov 2023 at 05:34, Tim via gnucash-user <[email protected]> wrote: > Ah. I think I see my error. > > When I get a credit card bill, I should open the credit card account and > enter each line item as a transaction. I should be able to check my work by > comparing the balance on the account with my bill (I always pay in full > every month). Then as you say, paying the bill is a simple transaction > between the bank account and credit card account. > > Have I understood correctly? > > Thank you for your patience. > > Tim > > > -----Original Message----- > > From: gnucash-user <gnucash-user- > > [email protected]> On Behalf Of Michael or > > Penny Novack > > Sent: Saturday, November 18, 2023 11:20 AM > > To: [email protected] > > Subject: Re: [GNC] noobie question about split transactions > > > > > I came to entering a credit card payment, which I enter as a split > > > transaction with line items for every line item in the credit card > bill, > > > after I had spent many laborious minutes entering 50 or 60 line items I > > > accidentally hit enter and all of my work was deleted. > > > > Stop right there. NOT a split transaction at the time you make a payment > > on your credit card debt. THAT is a simple "transfer" transaction, debit > > credit card and credit bank account. > > > > Those things you purchased with your credit card? Those became expenses > > when you used your credit card to purchase them. debit to the > > [particular expense account and credit to the credit card << if you had > > paid by check or cash from your wallet, would be credit bank account or > > credit wallet >> > > > > You were thinking about CASH FLOW which is different << you can be "in > > the black" in your books but in trouble with a cash flow crunch or be > > fine (for now) as far as cash flow goes but deep in the red for the long > > term. Separate things. >> > > > > Gnucash is proper double entry bookkeeping. You need to get a good grasp > > of the fundamentals of double entry bookkeeping and concepts of > > accounting. Nothing advanced or fancy, just the fundamental. If what I > > have written about entering (these) transactions isn't making sense to > > you, reread the tutorial. > > > > > > Michael D Novack > > _______________________________________________ > > gnucash-user mailing list > > [email protected] > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > ----- > > Please remember to CC this list on all your replies. > > You can do this by using Reply-To-List or Reply-All. > > _______________________________________________ > gnucash-user mailing list > [email protected] > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
