mmm... OK, so now it can get very tricky (at least for me) to "revert" this situation. Can I simply change the transaction I entered in the "Equity:Opening Balances" and transfer it to the "Liabilities:Credit Card" account? Or will this mess up something? The actual transaction is a split transaction, as shown in my earlier reply with a screenshot.
Thanks for your help! F. https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.com Am Mo., 23. Sept. 2024 um 19:39 Uhr schrieb R Losey <rlo...@gmail.com>: > 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.
