Well, the "convenient" way would just be to delete the payment transaction and then add an opening balance to the credit card account, and re-enter the payment, all going to the credit card. (If the account has been reconciled, you may need to re-reconcile).
Purists advocate leaving mistakes and just enter correcting transactions, which would have the effect of "undoing" the errors in the original entry, but it's not as immediately clear as to how it should be entered. On Mon, Sep 23, 2024 at 1:16 PM Boniforti Flavio <bonifort...@gmail.com> wrote: > 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 >> > -- _________________________________ 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. 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