On 7/1/2024 2:25 PM, Tommy Trussell wrote:
In addition to the comments below, you will need to make sure you entered
the transactions in the correct columns.
Make sure the account was correctly set up as a liability account (so its
ending balance will decrease your overall net assets balance). When you
enter credit card transactions into the account, its running balance should
go up, and when you enter payments (last month's card payment in this case)
its balance should go down. The debit (left) column will contain the
payments to the credit card bank, and the credit (right) column will
contain the individual credit card transactions.
This might be a good time to discuss what we mean by "reconcile a credit
card account". by which I mean, what are we trying to do considered as a
logical process as opposed to simply using the reconcile tool of
gnucash. In other words, WHAT are we trying to discover/verify?
a) we are checking that there no transactions in the account according
to the bank that we did not make in the account. Or vice versa, but that
is unlikely unless entered in advance of it actually happening
(scheduled but did not take place, etc.). Notice that this is one of the
ways we might discover we have a "ghost" automatic payment.
b) We are checking that the amounts match.
Notice that if all we are doing is trying to save the effort of entering
transactions we aren't doing that. Knowing JUST that there is balance
between starting balance, ending balance, charges during the period, and
payments during the period is not enough. Would not detect, for example,
that there was a monthly charge of XXX going to YYY that you didn't know
you were signed up for..
Michael D Novack
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