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
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