The card, with a cash value on it, is an asset - probably best
described as a "prepaid expense."
The fully accurate way to account for it:
1. When you "put cash onto the card":
-- credit "cash" (or bank account, or credit card, or wherever you get
the money that you put onto the toll card)
-- debit the pre-paid asset account (increasing its value).
2. When you use some of the balance on the card to pay a toll:
-- credit the pre-paid asset account (decreasing its value), and
-- debit an "Expense-tolls" account
The other way, the simple way, is to just debit "expense- tolls" when
you "load up" the card.
This is fewer transactions, less bookkeeping, but it "lumps" all your
toll expense into a bigger amount and into the date on which you "load"
the card.
- Chris
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Today's Topics:
1. Accounting for a pre-paid electronic toll card (Tony Vanson)
----------------------------------------------------------------------
Message: 1
Date: Tue, 18 Oct 2022 22:54:28 +0700
From: Tony Vanson [7]<tonyvan...@gmail.com>
To: gnucash-user [8]<gnucash-user@gnucash.org>
Subject: [GNC] Accounting for a pre-paid electronic toll card
Message-ID:
[9]<cacnjauczzekyqroourhg7fkga7nf7s0r_zlndhys74318gh...@mail.gmail.com>
Content-Type: text/plain; charset="UTF-8"
I'm hoping that someone on this list can aid my befuddled brain to get to
grips with my problem.
The tolling system here is not the automated ones I'm used to.
Here one needs to obtain an electronic card and, once done, must be charged
with a cash value prior to travelling and topped up with cash on a regular
basis.
My question is what category is this card and how do I treat additions and
subtractions from it?
I initially thought it might be treated as a credit card but the way it
operates it's obviously not.
Any advice would be much appreciated
*Tony Vanson*
*The older I get,*
*the better I was*
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