Yes, on my credit card, I had an entry on 31 Dec of the prior year that called "Opening Balance" - the amount is the amount carried forward, and the other account is "Equity:Opening Balances".
On Mon, Sep 23, 2024 at 12:30 PM Boniforti Flavio <bonifort...@gmail.com> wrote: > 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 >> > -- _________________________________ 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.
