> For example, ... if you paid with the credit card would be db expense; cr
> credit card.
>
> Then when you pay against credit card charges might be:
> 1) balance paid in full, no interest - db credit card; cr checking
> ...
> Michael D Novack
>
>
Possible duplicate.
Thank you, Mike.
On 2019-09-16 08:54, Mike or Penny Novack wrote:
> On 9/15/2019 10:01 PM, Peter West wrote:
>> . That means that increases in an Asset are debits, while decreases
>> are credits; and increases in Liabilities (or Equity) are credits,
>> while decreases are debits.
>>
>> Income increases assets;
On 9/15/2019 10:01 PM, Peter West wrote:
. That means that increases in an Asset are debits, while decreases are
credits; and increases in Liabilities (or Equity) are credits, while decreases
are debits.
Income increases assets; an increase in an asset is a debit; therefore the
balancing
In addition to the info David & Peter offered, I see an issue with the
‘Bills:Credit Card Charge’ account.
That shouldn’t be there.
Bills that you owe *are* your liabilities.
Normally, recurring bills like utilities, phone, tv, and rent would fall under
‘Accounts Payable’ which is a Liability
Hi,
I can’t be of much help, because my accounts setup is different from yours, but
if you run Reports > Assets & Liabilities > Balance Sheet, the Balance Sheet
will show total assets, total liabilities and total equity. It also shows the
sum of Total Liabilities and Total Equity. The sheet is
To treat a credit card properly you will need to setup accounts .GnuCash has
basic account types (Assets, Liabilities, Equity and Income and Expenses and
the top level accounts in your Chart of accounts will normally have these
names.
Your credit card account is a liability and will appear as a
I've just recently started with GnuCash and decided to treat credit cards as
liabilities rather than expenses as I did previously. To that end I've migrated
my accounts, but since I don't know how the result should appear I'd like to
ask if I have it done properly.
Right now I've set it up
