Re: [GNC] 2 Questions About Debit Cards
Haim, If the money is transferred in advance to the card, then the card is an asset and is a ‘pre-paid’ card similar to gift cards. (the fact that a credit card network like VISA might process the transaction isn’t relevant to this question) If the money is drawn from checking to ‘pay’ for what you ’spent/charged’ on the card, then the card is a liability. Should something happen where that auto-payment doesn’t occur, you still owe the funds. Be careful though, if the card was initially pre-funded and then subsequently topped off in the same amount of a purchase, that isn’t a liability payment. It is just fully funding the card back to the earlier level for ‘future’ use —thus, still a pre-paid card. If the card is simply a way to draw funds out of checking without writing a paper check (like in the US and maybe some other locations), then there is no need for a separate account. (or separate transaction entries) If the card truly is accounted for separately, and not just another means of access to the same account, (or maybe a segregation of funds in the same account) then you might want to create a separate asset account in GnuCash for tracking its balance and transfers/top-offs to it. (make it a sub-account of checking if it is a segregation of funds) Those transfers don’t need to happen each transaction. I would model the ‘real world’ transactions as they occur. That is, if you use the card 5 times in one day, but only one transfer happens for the sum of all of them, then just record that one actual transfer between checking and card. Don’t do it separately for each transaction. That way, if you have to research your GnuCash transaction history comparing to statements or online history, you’ll be matching up the same actual transactions rather than multiple ‘virtual’ ones. That process will go much smoother and faster. (and likely make it easier to spot a mistake) However, by all means, speak to a local CPA (and your bank) for official advice. They’ll be more familiar with how the card functions, as well as your local laws, and can better advise you how to set up your books. Regards, Adrien > On Aug 28, 2019 w35d240, at 4:52 AM, Haim Roman wrote: > > I get separate statements for the checking account & debit card. > On the checking account, it just notes that money was transferred to the > debit card. > It's the debit card statement that says to whom I paid. > > In addition, sometimes the checking statment notes a *single *transfer to > the debit card that actually corresponds to *multiple *transactions on the > debit card statement. > > I live in Israel. Maybe debit cards work a bit differently in other > countries. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] 2 Questions About Debit Cards
At Wed, 28 Aug 2019 09:21:47 -0500 David Carlson wrote: > > Just to make this thread more interesting, here in the United States it is > possible to purchase rechargeable 'gift cards' that can be used like credit > cards to pay for things, and recharged at a bank or currency exchange to be > used again. I think these are used by people who do not want to have a > bank account, but need a way to pay with 'plastic'. As in some other > countries, there are now retail businesses appearing that do not accept > cash. And UMass's photo IDs are also rechargeable debit cards (and can be using with vending machines and dining commons around campus. (It is not a VISA/MasterCard branded card and can only be used on campus.) > > I would liken such a card to be an asset, > > David Carlson > > On Wed, Aug 28, 2019 at 8:57 AM Stephen M. Butler wrote: > > > Haim, > > > > I'm in the US and here the debit card directly debits the checking > > (asset) account. From your description it appears that your debit card > > acts more like a credit card but with automatic payments from checking > > on some regular basis (perhaps daily). > > > > Can you download the transactions from the debit account? In that case, > > I'd setup the debit account as a liability (just my preference -- might > > depend on how the bank uses the debit/credit columns in the download). > > This should catch both your charges and your payments . > > > > You would have one transaction per charge from debit to expenses. Plus > > one transaction per payment from checking to debit. > > > > Depending on how you bank auto pays the debit card, that might end up > > being two transactions per use of the debit card. However, I thought > > you mentioned that the bank sometimes combines multiple charges into a > > single payment. > > > > --Steve > > > > > > On 8/28/19 5:14 AM, Haim Roman wrote: > > > First of all, I want to thank everyone who has responded so far. And > > those > > > might respond in the future. > > > > > > *Gary*, did you mean that each use of a debit card involves *two > > > *transactions? > > > 1st from checking/savings to debit card, and 2nd from debit card to > > > expense? > > > > > > ___ > > > Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- > > > ÃÂÃÂÃÂà> > èÃÂÃÂà> > > LinkedIn: https://www.linkedin.com/in/haimroman > > > > > > > > > > > > On Wed, Aug 28, 2019 at 3:02 PM Gary Holtum < > > diamondhranc...@earthlink.net> > > > wrote: > > > > > >> A debit card is an asset. > > >> > > >> You transfer $ from Checking or Savings to Debit card then to Expense > > acct. > > >> > > >> Gary > > >> > > >> -Original Message- > > >> From: gnucash-user [mailto:gnucash-user-bounces+diamondhranchqh= > > >> earthlink@gnucash.org] On Behalf Of Haim Roman > > >> Sent: Wednesday, August 28, 2019 5:05 AM > > >> To: Gnucash Users > > >> Subject: [GNC] 2 Questions About Debit Cards > > >> > > >> Hi. I'm new to GnuCash and to bookkeeping/accounting in general. I > > have 2 > > >> questions about debit cards. > > >> > > >> (1) I made my debit card account a Liability account, as I did with my > > >> credit card accounts. In the GnuCash archives, someone wrote a debit > > card > > >> should be an Access account. Is that correct? > > >> > > >> (2) I envisioned debit card transactions as single transactions with 3 > > >> stages: Checking to Debit Card to Expense (yes, I have different > > expense > > >> accounts). > > >> But I'm beginning to think that it should be 2 transactions: [a] > > Checking > > >> to Debit Card, [b] Debit Card to Expense. > > >> The 1st deposits into the debit card account, and the 2nd withdraws from > > >> it. > > >> Is that correct? > > >> > > >> Thanks > > >> ___ > > >> Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- > > >> ÃÂÃÂÃÂà> > èÃÂÃÂà> > >> LinkedIn: https://www.linkedin.com/in/haimroman > > >> ___ > > >> gnucash-user mailing list >
Re: [GNC] 2 Questions About Debit Cards
Just to make this thread more interesting, here in the United States it is possible to purchase rechargeable 'gift cards' that can be used like credit cards to pay for things, and recharged at a bank or currency exchange to be used again. I think these are used by people who do not want to have a bank account, but need a way to pay with 'plastic'. As in some other countries, there are now retail businesses appearing that do not accept cash. I would liken such a card to be an asset, David Carlson On Wed, Aug 28, 2019 at 8:57 AM Stephen M. Butler wrote: > Haim, > > I'm in the US and here the debit card directly debits the checking > (asset) account. From your description it appears that your debit card > acts more like a credit card but with automatic payments from checking > on some regular basis (perhaps daily). > > Can you download the transactions from the debit account? In that case, > I'd setup the debit account as a liability (just my preference -- might > depend on how the bank uses the debit/credit columns in the download). > This should catch both your charges and your payments . > > You would have one transaction per charge from debit to expenses. Plus > one transaction per payment from checking to debit. > > Depending on how you bank auto pays the debit card, that might end up > being two transactions per use of the debit card. However, I thought > you mentioned that the bank sometimes combines multiple charges into a > single payment. > > --Steve > > > On 8/28/19 5:14 AM, Haim Roman wrote: > > First of all, I want to thank everyone who has responded so far. And > those > > might respond in the future. > > > > *Gary*, did you mean that each use of a debit card involves *two > > *transactions? > > 1st from checking/savings to debit card, and 2nd from debit card to > > expense? > > > > ___ > > Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים > רומן > > LinkedIn: https://www.linkedin.com/in/haimroman > > > > > > > > On Wed, Aug 28, 2019 at 3:02 PM Gary Holtum < > diamondhranc...@earthlink.net> > > wrote: > > > >> A debit card is an asset. > >> > >> You transfer $ from Checking or Savings to Debit card then to Expense > acct. > >> > >> Gary > >> > >> -Original Message- > >> From: gnucash-user [mailto:gnucash-user-bounces+diamondhranchqh= > >> earthlink@gnucash.org] On Behalf Of Haim Roman > >> Sent: Wednesday, August 28, 2019 5:05 AM > >> To: Gnucash Users > >> Subject: [GNC] 2 Questions About Debit Cards > >> > >> Hi. I'm new to GnuCash and to bookkeeping/accounting in general. I > have 2 > >> questions about debit cards. > >> > >> (1) I made my debit card account a Liability account, as I did with my > >> credit card accounts. In the GnuCash archives, someone wrote a debit > card > >> should be an Access account. Is that correct? > >> > >> (2) I envisioned debit card transactions as single transactions with 3 > >> stages: Checking to Debit Card to Expense (yes, I have different > expense > >> accounts). > >> But I'm beginning to think that it should be 2 transactions: [a] > Checking > >> to Debit Card, [b] Debit Card to Expense. > >> The 1st deposits into the debit card account, and the 2nd withdraws from > >> it. > >> Is that correct? > >> > >> Thanks > >> ___ > >> Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים > רומן > >> LinkedIn: https://www.linkedin.com/in/haimroman > >> ___ > >> gnucash-user mailing list > >> gnucash-user@gnucash.org > >> To update your subscription preferences or to unsubscribe: > >> https://lists.gnucash.org/mailman/listinfo/gnucash-user > >> If you are using Nabble or Gmane, please see > >> https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > >> - > >> 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 > > gnucash-user@gnucash.org > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Ma
Re: [GNC] 2 Questions About Debit Cards
At Wed, 28 Aug 2019 15:39:43 +0300 Haim Roman wrote: > > Got it. Seems obvious now ⺠If it is a straight checking account debit card AND you are not concerned about keeping separate track of checks, EFTs, and debit card use, you don't really need a separate GnuCash "account" for the debit card. I put all of the checking account debit card uses in my checking account account, just without a check number. Ditto for EFTs and other direct payments (eg online banking billpay or other sorts of transfers). The only debit card I bother to have its own account for is my PayPal debit card, since it can hold a balance of its own. > Thanks > ___ > Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- > ÃÂÃÂÃÂàèÃÂÃÂà> LinkedIn: https://www.linkedin.com/in/haimroman > > > > On Wed, Aug 28, 2019 at 3:27 PM Gary Holtum > wrote: > > > First you need to fund the debit card. $ has to come from somewhere. Then > > you use the debit card to purchase many different things. > > > > > > > > One transaction to fund card, then many transactions to expense acctâÂÂs > > when you use it. > > > > > > > > Similar to what you do with a credit card. Use it many times then make one > > payment. > > > > > > > > Gary > > > > > > > > *From:* Haim Roman [mailto:haim.ro...@gmail.com] > > *Sent:* Wednesday, August 28, 2019 8:15 AM > > *To:* Gary Holtum > > *Cc:* Gnucash Users > > *Subject:* Re: [GNC] 2 Questions About Debit Cards > > > > > > > > First of all, I want to thank everyone who has responded so far. And > > those might respond in the future. > > > > > > > > *Gary*, did you mean that each use of a debit card involves *two > > *transactions? > > 1st from checking/savings to debit card, and 2nd from debit card to > > expense? > > > > > > ___ > > Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- > > ÃÂÃÂÃÂàèÃÂÃÂà> > > > LinkedIn: https://www.linkedin.com/in/haimroman > > > > > > > > > > > > > > > > On Wed, Aug 28, 2019 at 3:02 PM Gary Holtum > > wrote: > > > > A debit card is an asset. > > > > You transfer $ from Checking or Savings to Debit card then to Expense acct. > > > > Gary > > > > -Original Message- > > From: gnucash-user [mailto:gnucash-user-bounces+diamondhranchqh= > > earthlink@gnucash.org] On Behalf Of Haim Roman > > Sent: Wednesday, August 28, 2019 5:05 AM > > To: Gnucash Users > > Subject: [GNC] 2 Questions About Debit Cards > > > > Hi. I'm new to GnuCash and to bookkeeping/accounting in general. I have 2 > > questions about debit cards. > > > > (1) I made my debit card account a Liability account, as I did with my > > credit card accounts. In the GnuCash archives, someone wrote a debit card > > should be an Access account. Is that correct? > > > > (2) I envisioned debit card transactions as single transactions with 3 > > stages: Checking to Debit Card to Expense (yes, I have different expense > > accounts). > > But I'm beginning to think that it should be 2 transactions: [a] Checking > > to Debit Card, [b] Debit Card to Expense. > > The 1st deposits into the debit card account, and the 2nd withdraws from > > it. > > Is that correct? > > > > Thanks > > ___ > > Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- > > ÃÂÃÂÃÂàèÃÂÃÂà> > LinkedIn: https://www.linkedin.com/in/haimroman > > ___ > > gnucash-user mailing list > > gnucash-user@gnucash.org > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > If you are using Nabble or Gmane, please see > > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > > - > > 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 > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnuca
Re: [GNC] 2 Questions About Debit Cards
On 8/28/2019 5:52 AM, Haim Roman wrote: I get separate statements for the checking account & debit card. On the checking account, it just notes that money was transferred to the debit card. It's the debit card statement that says to whom I paid. In addition, sometimes the checking statment notes a *single *transfer to the debit card that actually corresponds to *multiple *transactions on the debit card statement. I live in Israel. Maybe debit cards work a bit differently in other countries. I have a sneaky suspicion that "debit cards" are different in different places. THIS example seems very similar to "petty cash fund" except no need to prefund (gets refreshed as needed by a transfer from the supporting account). If that refresh is always after, you COULD treat like a credit card that was never used to borrow money << ie: a "30 day net" account >> BTW -- that IS how Penny and I use our credit cards and also the business credit cards of the orgs I keep books for. In other words, although on the books as a liability, the balance is always paid in full, no interest ever paid, no loan balances left outstanding << though of course could show that way at the end of a reporting period >> As for where to put an Israeli "debit card", could do either as an asset or a liability << this is easier to see when you just think debits and credits>>I I would decide that by the DATES the bank uses for the "refresh" transfer transaction, is that before or after on the statement. Michael D Novack ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] 2 Questions About Debit Cards
Got it. Seems obvious now ☺ Thanks ___ Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים רומן LinkedIn: https://www.linkedin.com/in/haimroman On Wed, Aug 28, 2019 at 3:27 PM Gary Holtum wrote: > First you need to fund the debit card. $ has to come from somewhere. Then > you use the debit card to purchase many different things. > > > > One transaction to fund card, then many transactions to expense acct’s > when you use it. > > > > Similar to what you do with a credit card. Use it many times then make one > payment. > > > > Gary > > > > *From:* Haim Roman [mailto:haim.ro...@gmail.com] > *Sent:* Wednesday, August 28, 2019 8:15 AM > *To:* Gary Holtum > *Cc:* Gnucash Users > *Subject:* Re: [GNC] 2 Questions About Debit Cards > > > > First of all, I want to thank everyone who has responded so far. And > those might respond in the future. > > > > *Gary*, did you mean that each use of a debit card involves *two > *transactions? > 1st from checking/savings to debit card, and 2nd from debit card to > expense? > > > ___ > Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים רומן > > LinkedIn: https://www.linkedin.com/in/haimroman > > > > > > > > On Wed, Aug 28, 2019 at 3:02 PM Gary Holtum > wrote: > > A debit card is an asset. > > You transfer $ from Checking or Savings to Debit card then to Expense acct. > > Gary > > -Original Message- > From: gnucash-user [mailto:gnucash-user-bounces+diamondhranchqh= > earthlink@gnucash.org] On Behalf Of Haim Roman > Sent: Wednesday, August 28, 2019 5:05 AM > To: Gnucash Users > Subject: [GNC] 2 Questions About Debit Cards > > Hi. I'm new to GnuCash and to bookkeeping/accounting in general. I have 2 > questions about debit cards. > > (1) I made my debit card account a Liability account, as I did with my > credit card accounts. In the GnuCash archives, someone wrote a debit card > should be an Access account. Is that correct? > > (2) I envisioned debit card transactions as single transactions with 3 > stages: Checking to Debit Card to Expense (yes, I have different expense > accounts). > But I'm beginning to think that it should be 2 transactions: [a] Checking > to Debit Card, [b] Debit Card to Expense. > The 1st deposits into the debit card account, and the 2nd withdraws from > it. > Is that correct? > > Thanks > ___ > Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים רומן > LinkedIn: https://www.linkedin.com/in/haimroman > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > - > 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 gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] 2 Questions About Debit Cards
First you need to fund the debit card. $ has to come from somewhere. Then you use the debit card to purchase many different things. One transaction to fund card, then many transactions to expense acct’s when you use it. Similar to what you do with a credit card. Use it many times then make one payment. Gary From: Haim Roman [mailto:haim.ro...@gmail.com] Sent: Wednesday, August 28, 2019 8:15 AM To: Gary Holtum Cc: Gnucash Users Subject: Re: [GNC] 2 Questions About Debit Cards First of all, I want to thank everyone who has responded so far. And those might respond in the future. Gary, did you mean that each use of a debit card involves two transactions? 1st from checking/savings to debit card, and 2nd from debit card to expense? ___ Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים רומן LinkedIn: https://www.linkedin.com/in/haimroman On Wed, Aug 28, 2019 at 3:02 PM Gary Holtum wrote: A debit card is an asset. You transfer $ from Checking or Savings to Debit card then to Expense acct. Gary -Original Message- From: gnucash-user [mailto:gnucash-user-bounces+diamondhranchqh <mailto:gnucash-user-bounces%2Bdiamondhranchqh> =earthlink@gnucash.org] On Behalf Of Haim Roman Sent: Wednesday, August 28, 2019 5:05 AM To: Gnucash Users Subject: [GNC] 2 Questions About Debit Cards Hi. I'm new to GnuCash and to bookkeeping/accounting in general. I have 2 questions about debit cards. (1) I made my debit card account a Liability account, as I did with my credit card accounts. In the GnuCash archives, someone wrote a debit card should be an Access account. Is that correct? (2) I envisioned debit card transactions as single transactions with 3 stages: Checking to Debit Card to Expense (yes, I have different expense accounts). But I'm beginning to think that it should be 2 transactions: [a] Checking to Debit Card, [b] Debit Card to Expense. The 1st deposits into the debit card account, and the 2nd withdraws from it. Is that correct? Thanks ___ Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים רומן LinkedIn: https://www.linkedin.com/in/haimroman ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - 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 gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] 2 Questions About Debit Cards
I get separate statements for the checking account & debit card. On the checking account, it just notes that money was transferred to the debit card. It's the debit card statement that says to whom I paid. In addition, sometimes the checking statment notes a *single *transfer to the debit card that actually corresponds to *multiple *transactions on the debit card statement. I live in Israel. Maybe debit cards work a bit differently in other countries. ___ Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים רומן LinkedIn: https://www.linkedin.com/in/haimroman On Wed, Aug 28, 2019 at 12:28 PM Colin Law wrote: > Is your debit card account a separate account at the bank, or is the > card just a way of taking money out of the chequeing acct? > > Colin > > On Wed, 28 Aug 2019 at 09:58, Haim Roman wrote: > > > > Hi. I'm new to GnuCash and to bookkeeping/accounting in general. I > have 2 > > questions about debit cards. > > > > (1) I made my debit card account a Liability account, as I did with my > > credit card accounts. In the GnuCash archives, someone wrote a debit > card > > should be an Access account. Is that correct? > > > > (2) I envisioned debit card transactions as single transactions with 3 > > stages: Checking to Debit Card to Expense (yes, I have different expense > > accounts). > > But I'm beginning to think that it should be 2 transactions: [a] Checking > > to Debit Card, [b] Debit Card to Expense. > > The 1st deposits into the debit card account, and the 2nd withdraws from > > it. > > Is that correct? > > > > Thanks > > ___ > > Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים > רומן > > LinkedIn: https://www.linkedin.com/in/haimroman > > ___ > > gnucash-user mailing list > > gnucash-user@gnucash.org > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > > - > > 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 gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] 2 Questions About Debit Cards
Is your debit card account a separate account at the bank, or is the card just a way of taking money out of the chequeing acct? Colin On Wed, 28 Aug 2019 at 09:58, Haim Roman wrote: > > Hi. I'm new to GnuCash and to bookkeeping/accounting in general. I have 2 > questions about debit cards. > > (1) I made my debit card account a Liability account, as I did with my > credit card accounts. In the GnuCash archives, someone wrote a debit card > should be an Access account. Is that correct? > > (2) I envisioned debit card transactions as single transactions with 3 > stages: Checking to Debit Card to Expense (yes, I have different expense > accounts). > But I'm beginning to think that it should be 2 transactions: [a] Checking > to Debit Card, [b] Debit Card to Expense. > The 1st deposits into the debit card account, and the 2nd withdraws from > it. > Is that correct? > > Thanks > ___ > Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים רומן > LinkedIn: https://www.linkedin.com/in/haimroman > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > - > 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 gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] 2 Questions About Debit Cards
> On 28 Aug 2019, at 10:05, Haim Roman wrote: > > Hi. I'm new to GnuCash and to bookkeeping/accounting in general. I have 2 > questions about debit cards. > > (1) I made my debit card account a Liability account, as I did with my > credit card accounts. In the GnuCash archives, someone wrote a debit card > should be an Access account. Is that correct? > > (2) I envisioned debit card transactions as single transactions with 3 > stages: Checking to Debit Card to Expense (yes, I have different expense > accounts). > But I'm beginning to think that it should be 2 transactions: [a] Checking > to Debit Card, [b] Debit Card to Expense. > The 1st deposits into the debit card account, and the 2nd withdraws from > it. > Is that correct? > > Thanks > ___ Welcome to the GnuCash Community! I record debit card transactions in the same way as I record online or cheque (check) payments through my current (checking) account. There is no intermediate transaction, the way you have with a credit card. Michael ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] 2 Questions About Debit Cards
Hi. I'm new to GnuCash and to bookkeeping/accounting in general. I have 2 questions about debit cards. (1) I made my debit card account a Liability account, as I did with my credit card accounts. In the GnuCash archives, someone wrote a debit card should be an Access account. Is that correct? (2) I envisioned debit card transactions as single transactions with 3 stages: Checking to Debit Card to Expense (yes, I have different expense accounts). But I'm beginning to think that it should be 2 transactions: [a] Checking to Debit Card, [b] Debit Card to Expense. The 1st deposits into the debit card account, and the 2nd withdraws from it. Is that correct? Thanks ___ Howard (Haim) Roman -- haim.ro...@gmail.com -- 052-8-592-599 -- חיים רומן LinkedIn: https://www.linkedin.com/in/haimroman ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
