Many thanks for all the useful tips!
Just to clarify:
We don't use checks where I live (Switzerland).
The credit card companies here tend to send the statements so close to
the payment due date that one is likely to incur interest fees if one
waits until the statement arrives to pay the balance.
I have therefore authorized the credit card issuer to request payment of
the outstanding balance directly from the bank which has my current
account (what Americans would call a checking account).
The bank is also authorized to pay the credit card balance on demand.
The two credit cards already have a parent account (corresponding to the
issuer) in GnuCash.
The reconciliation process in GnuCash generates a separate transaction
for each credit card, resulting in two charges to the current account in GC.
From the advice below, the obvious solution seems to be to combine the
two payments in the GC current account into one payment with an extra split.
I like this idea better than merging the two credit card accounts, even
though it still requires manual intervention.
Thanks again for your helpful advice!
----------------------------------------------------------------------
Message: 1
Date: Sun, 7 Jul 2024 11:29:37 -0500
From: Mark at Lorimark<m...@lorimarksolutions.com>
To:gnucash-user@gnucash.org
Subject: Re: [GNC] Consolidated billing of two credit cards
Message-ID:
<0129b913-c1d2-4782-b782-30c697878...@lorimarksolutions.com>
Content-Type: text/plain; charset=UTF-8; format=flowed
(not an accountant)
I think you can make your one (1) payment to the bank, and then split
the portions of that payment for each card;
account Dr Cr
Bank $1000
CC1 $400
CC2 $600
So you're writing out one check and paying it towards the two credit
cards... does that resolve your issue?
~mark petryk
~c:469-556-5075
~w:http://www.lorimarksolutions.com
On 7/7/24 10:54, rsbrux via gnucash-user wrote:
I have two credit cards from the same bank, which were previously
handled completely separately and are therefor represented by separate
accounts in GnuCash.
Now the bank has consolidated the statements, but not completely.? There
is now a sinlge statement, but the charges and balance due are listed
and summed up separateky for each card.
However, the total due for both cards is now applied as a single charge
to my bank account. Because of the separate totals on the statement, it
is still convenient to reconcile the two credit card accounts separately.
However, this results in two separate charges to the GnuCash bank
account, which I then have to mentally add together to reconcile the
bank account.
This has led me to consider merging the two credit card accounts in
GnuCash.? How easy is this?? Will this really make things easier, or am
I better off sticking with the status quo?
Thanks in advance for any tips!
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------------------------------
Message: 2
Date: Sun, 7 Jul 2024 09:41:50 -0700
From: Steve Butler<stephen.m.butle...@gmail.com>
To: Mark at Lorimark<m...@lorimarksolutions.com>
Cc: GnuCash Users<gnucash-user@gnucash.org>
Subject: Re: [GNC] Consolidated billing of two credit cards
Message-ID:
<caltso2govb1sqjsppzitmb-wxqyap_ygkjszho3_r9vmjpy...@mail.gmail.com>
Content-Type: text/plain; charset="UTF-8"
I presume the two CC accounts are in the Liabilities section. My approach
depends on if I can download the transactions separately. If so, I would
create a parent placeholder Liability account for that bank and move both
CC accounts under it.
At payment time write it against your checking account (asset) with the
total amount on that line of the transaction with the other side split
between the two CC liability accounts.
On Sun, Jul 7, 2024, 09:30 Mark at Lorimark<m...@lorimarksolutions.com>
wrote:
(not an accountant)
I think you can make your one (1) payment to the bank, and then split
the portions of that payment for each card;
account Dr Cr
Bank $1000
CC1 $400
CC2 $600
So you're writing out one check and paying it towards the two credit
cards... does that resolve your issue?
~mark petryk
~c:469-556-5075
~w:http://www.lorimarksolutions.com
On 7/7/24 10:54, rsbrux via gnucash-user wrote:
I have two credit cards from the same bank, which were previously
handled completely separately and are therefor represented by separate
accounts in GnuCash.
Now the bank has consolidated the statements, but not completely. There
is now a sinlge statement, but the charges and balance due are listed
and summed up separateky for each card.
However, the total due for both cards is now applied as a single charge
to my bank account. Because of the separate totals on the statement, it
is still convenient to reconcile the two credit card accounts separately.
However, this results in two separate charges to the GnuCash bank
account, which I then have to mentally add together to reconcile the
bank account.
This has led me to consider merging the two credit card accounts in
GnuCash. How easy is this? Will this really make things easier, or am
I better off sticking with the status quo?
Thanks in advance for any tips!
_______________________________________________
gnucash-user mailing list
gnucash-user@gnucash.org
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
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------------------------------
Message: 3
Date: Sun, 7 Jul 2024 10:27:23 -0700
From: "Stan Brown (using GC 4.14)"<stan...@fastmail.fm>
To:gnucash-user@gnucash.org
Subject: Re: [GNC] Consolidated billing of two credit cards
Message-ID:<99dcb65c-7edb-4608-b832-17e6c9c47...@fastmail.fm>
Content-Type: text/plain; charset=UTF-8
On 2024-07-07 09:29, Mark at Lorimark wrote:
(not an accountant)
I think you can make your one (1) payment to the bank, and then split
the portions of that payment for each card;
account????? Dr??? Cr
Bank?????? $1000
? CC1???????????? $400
? CC2???????????? $600
So you're writing out one check and paying it towards the two credit
cards... does that resolve your issue?
That's similar to what I was going to suggest, but I think you've
reversed debits and credits.
rsbrux's bank account is an asset on rsbrux's books, so writing a check
or having an automatic payment made reduces the balance, which is a credit.
The two credit cards are liabilities on rsbrux's books, so the
reductions in their balances through paying the balances due are debits.
This is an easy mistake to make, because the banks use the words "debit"
and "credit" to match how things are on _their_ books, which is exactly
opposite to how they are on the consumer's books.
The transaction I would enter is:
Debit to My Credit Card #1: $400
Debit to My Credit Card #2: $600
Credit to My Bank Account: $1000
Stan Brown
Tehachapi, CA, USA
https://BrownMath.com
~mark petryk
~c:469-556-5075
~w:http://www.lorimarksolutions.com
On 7/7/24 10:54, rsbrux via gnucash-user wrote:
I have two credit cards from the same bank, which were previously
handled completely separately and are therefor represented by separate
accounts in GnuCash.
Now the bank has consolidated the statements, but not completely.?
There is now a sinlge statement, but the charges and balance due are
listed and summed up separateky for each card.
However, the total due for both cards is now applied as a single
charge to my bank account. Because of the separate totals on the
statement, it is still convenient to reconcile the two credit card
accounts separately.
However, this results in two separate charges to the GnuCash bank
account, which I then have to mentally add together to reconcile the
bank account.
This has led me to consider merging the two credit card accounts in
GnuCash.? How easy is this?? Will this really make things easier, or
am I better off sticking with the status quo?
Thanks in advance for any tips!
_______________________________________________
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.
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