No, I had the opening credit card balance from back in July as a negative
number. One last question, if I may.
If I have a credit card balance of $500.00 but only pay $200.00 is this
correct:
2020/09/01 Bank
Liabilities:Credit Card $200.00 ; partial payment
Assets:Checking
or is there some way to indicate this is a partial payment against a
$500.00 outstanding balance?
Thank you
On Monday, September 21, 2020 at 3:47:25 PM UTC-4 gsc...@iinet.net.au wrote:
> Your sample transaction is already correct. I would need to see all of
> your credit card transactions to pin point any errors. I'm guessing that
> when you originally did an opening balance on your credit card that you put
> a positive balance instead of a negative balance on the card?
>
> On Tuesday, September 22, 2020 at 3:17:59 AM UTC+8 Oliver Hardy wrote:
>
>> I understand what you are saying. My qusetion now is: How do I fix it?
>> Do I edit my ledger file and put a minus sign before all credit card
>> transactions? Or only before payments I've made to the card? Is the way I
>> enter my credit card transactions incorrect? Do I go to the start of the
>> file and edit opening balances?
>>
>> Thanks
>>
>> On Monday, September 21, 2020 at 1:57:54 PM UTC-4 gsc...@iinet.net.au
>> wrote:
>>
>>> Ordinarily a credit card would have a negative balance (that is, the
>>> balance should be $-333.07) so that when you do a spend on the credit card
>>> the balance will becomes -$333.07 -$55.00 = -$388.07.
>>>
>>> If your credit card has a positive balance then it means that you made
>>> deposits that totaled more than what you owed on your credit card and that
>>> would mean that your new balance is as reported. Something tells me that
>>> this is not the case ......
>>>
>>> On Tuesday, September 22, 2020 at 1:32:30 AM UTC+8 Oliver Hardy wrote:
>>>
>>>> If I run:
>>>> ledger -p sep reg credit
>>>> I get a listing of all credit card transactions for the month of
>>>> September.
>>>> My problem is that the running balance is always decreasing instead of
>>>> increasing.
>>>>
>>>> I have a balance of $333.07. I enter a transaction for $55.00
>>>> 2020/09/01 Health
>>>> Expenses:Insurance $55.00
>>>> Liabilities:Credit_Card
>>>> The running balance shown on the report is now $248.34 ($333.07 -
>>>> $55.00).
>>>> Shouldn't it be $581.41 ($333.07 + $55.00)?
>>>>
>>>> Am I doing something wrong or is this how double entry accounting is
>>>> supposed to work?
>>>>
>>>> Thank you
>>>>
>>>
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