mmm... now reading your latest reply I start to see it. Indeed I had an open balance (not yet paid) on 31st of December 2023 on my credit card account. Therefore it sounds logical to set the "opening balance" on this account, instead of the "Equity:Opening Balance" account. Trying to do this, I see that there's no "Opening Balance" tab in the credit card account. Is there any way to enter it anyway? Eventually just as a simple transaction on the 31st of december, calling it "opening balance"?
Thanks, F. https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.com Am Mo., 23. Sept. 2024 um 19:24 Uhr schrieb R Losey <rlo...@gmail.com>: > I saw his reply. > > It is possible that I am ignorant of "correct" procedure, but it seems to > me that you really did have an opening balance in your credit card of > 884.25, and the payment paid that off as well as the subsequent charges. > > In my (admittedly simple) mind, the Opening Balance is a kind of constant > - it is where you "started", and it doesn't make sense to change that: When > you pay off a credit card, you are decreasing the amount of credit they > have extended to you -- not really changing the opening balance, and the > credit card should show that. But perhaps I am wrong. > > If you previously used some other method of tracking finances, you'll want > the continuity of having the last balance in the old match the starting > balance in the new. > > > On Mon, Sep 23, 2024 at 12:13 PM Boniforti Flavio <bonifort...@gmail.com> > wrote: > >> Hi Richard. >> So you suggest setting the opening balance on the "Liabilities:Credit >> Card" to 884.25 instead of deducting that amount from the opening balance >> of my "Equity:Opening Balances"? Because the latter is what I did, >> following Murugan's reply... >> >> Thanks for helping me better understand. >> F. >> https://www.instagram.com/boniforti_music >> https://soundcloud.com/boniforti_music >> https://bonny-j.bandcamp.com >> >> >> Am Mo., 23. Sept. 2024 um 19:09 Uhr schrieb R Losey <rlo...@gmail.com>: >> >>> >>> >>> On Mon, Sep 23, 2024 at 8:20 AM Boniforti Flavio <bonifort...@gmail.com> >>> wrote: >>> >>>> Hi list. >>>> >>> >>> Hello, and welcome! >>> >>> >>> >>>> >>>> I don't know how to phrase it with a one-liner, thus the subject line >>>> might >>>> be unclear :-( >>>> I'll try to explain. >>>> >>> >>> It was clear >>> >>> >>> >>>> I've started with GnuCash a couple of weeks ago, trying to understand >>>> how >>>> it works and how I can apply it to my personal finances. At one point I >>>> decided to put some real values in it and I put the "opening balances" >>>> for >>>> my bank accounts dating on the 31st of December, 2023. I am now slowly >>>> (but >>>> it is an exercise for me to understand how all this works) manually >>>> entering my transactions - please don't comment about this being >>>> time-consuming or similar: I know it already! :-) >>>> >>> >>> Well, your opening balance for your credit cards should have been >>> whatever it was on 31 Dec... per your records below, that should have been >>> 1136.80-252.55 (884.25). Then your checking account is reduced by the full >>> bill, and your credit card has a payment of 1136.80, which -- if there are >>> no new transactions -- should leave the credit card balance at zero. >>> >>> I hope this helps! >>> >>> >>> -- >>> _________________________________ >>> Richard Losey >>> rlo...@gmail.com >>> Micah 6:8 >>> >> > > -- > _________________________________ > 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.
