I agree, enter the tx as you make them, it helps in keeping an eye on spending and is less tedious than when, at the end of the month, you have a large 'wad' to input. I too, use my CC for everything and pay it off each month, but my reason is that if I use my debit card and it gets compromised, it is *my* bank account that gets emptied. If my CC gets compromised it is the bank's money that gets taken, and they are more likely to chase down their money in a timely fashion than mine. And of course, my money is also earning interest until I move it across to pay the CC. What's not to like?
G On Sat, 18 Nov 2023 at 22:24, Michael or Penny Novack < [email protected]> wrote: > On 11/18/2023 2:33 PM, [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 > > In theory, you enter transactions as you make them. But there is no > actual need to be entering transactions "real time". If you wait till > you see the statement, remember the correct date to use (for each > charge) would be the transaction date (not the posting date and > certainly not the date of the statement). HOWEVER --- you are losing > information during reconciliation << that's more important with you bank > account >> Also note that delayed entry is safe only when your credit > limit is WAY more than you might charge in a month. If you have to > consider the credit limit, enter transactions as you make them. . > > Good for you on paying the balance each month. I also treat our credit > cards as a "30 day net account". Why pay interest? For those who respond > "then why not pay cash or debit card?" note that these days many things > require "by credit card" and you might also have greater fraud > protection. Since have to use credit card for some, why not all. As long > as you can resist the temptation to not pay the entire balance. > > 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.
