On Tue, Apr 9, 2024 at 8:42 AM Stan Brown (using GC 4.14) < stan...@fastmail.fm> wrote:
> On 2024-04-09 01:19, David Carlson wrote: > > Nearly every time [the bank's] list doesn't match my list, the > > difference is precisely the difference between when I wrote the check or > > when I initiated a payment online or when I swiped a card and when they > > posted the transaction to my account. That is what we users often > consider > > to be the difference between accrual basis vs cash basis. > > I must respectfully disagree. That difference is simply timing. It can > occur whether you are on a cash basis or an accrual basis, but in itself > it is not a difference between cash and accrual basis. > > For example, suppose you have a credit card, and to avoid paying finance > charge you chose to have your bank automatically pay the latest > statement balance on the payment due date. How is a restaurant dinner > recorded when you pay by credit card? > > On cash basis, it's not an expense until it's paid. Therefore, _nothing_ > is recorded until the payment date after the statement date after the > meal. Then you record > Dr: Expenses:Restaurant Dining > Cr: Assets:Cash in Bank > and a similar entry for every charge on that month's credit card statement. > Wow - how odd. I would expect to always have two transactions; one when I dine (either using the date I dined or the date that the credit card charge went through) - increasing what I owe to the credit card company, and a second one when the credit card payment is made - reducing my debt to the credit card company. I guess one could do it the way you say, but it seems very awkward. _________________________________ Richard Losey rlo...@gmail.com Micah 6:8 _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org 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.
