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PostPosted: Fri Jan 06, 2017 3:58 pm 
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Joined: Fri Jan 06, 2017 3:41 pm
Posts: 4
In setting up a credit card account, in which my starting balance is, say $500, and I pay it down over a few months, are my entries debits, credits, deposits?
Thanks


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PostPosted: Fri Jan 06, 2017 4:39 pm 
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Joined: Mon Jul 20, 2009 8:27 pm
Posts: 249
Location: Minneapolis
Entries which add to your account are credits or deposits, depending on how you want to name them. Your $500 balance I am assuming is listed as a debit, and should be noted in your reconcile view with a (-) sign, so when you add a credit, that number will do down.

If you pay that card down using another account, you can easily use the transfer function in CBPro to make that easy. The money is taken from one account and placed in your credit card account as a (positive) transfer.


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PostPosted: Sat Jan 07, 2017 12:51 pm 
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Joined: Wed Oct 19, 2005 2:18 pm
Posts: 354
I don't think it's quite that simple, because you must split the payments to reflect the principal and interest portions. The $50 you may pay will only reduce the amount owed after interest charges are taken out. You probably have to add the interest charge in as a another charge to the card every month, and then subtract the payment to get your true balance.

Truthfully, I pay my own balance 100% every month and pay no interest and STILL can't get the danged credit card accounts to balance in CBP.


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PostPosted: Sat Jan 07, 2017 4:17 pm 
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Joined: Fri Jan 06, 2017 3:41 pm
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Thank you, t3rockhall.


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