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I'm relatively new to Odoo accounting and using V17. I'd like to confirm that expenses (items we have charged) on our credit card account should be positive OR negative in the credit card journal? This journal is set up as Type > Credit Card. I started entering journal items as negative, but after some research, (what I could find) I have seen that because it's a "bank journal" expenses would be positive? Is this correct and would someone be able to help me determine? For example, a monthly software expense paid on our credit card is a $20 credit (negative), and our Software operations account is a $20 debit (positive).


We also have a checking account that is Type > Bank and Cash where each expense (purchases from our checking account) is negative / subtracts from the total balance; for example: Salaries paid from our checking account is a $4000 credit, and our Salary Expenses account is a $4000 debit. This correctly mirrors what is on our bank statements.

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Do you consider your Credit Card balance an asset or a liability?

  • to me, my credit card is a liability (I pay the bill)
  • to my son, my credit card is an asset (he spends from it)

The way to increase a liability account is via a credit.

The way to decrease an asset account is via a credit.


Odoo (and probably almost all practicing Accountants) consider Credit Card balances as liabilities - the Credit Card type signifies this - you can see it is part of the Liabilities group in the Chart of Accounts.


If you consider your credit card an asset, change the type to "current asset". 


Better yet, ask your book keeper or Accountant how they plan to record it when they submit your financial statements and follow their advice.


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Nice explanation Ray.. Thanks

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