So, What about Debit Cards?
Debit cards, when you get right down to it, aren’t really credit cards at all. They’re more like bank accounts. Rather than withdrawing money by writing a check, you withdraw money by using a debit charge.
Although a debit card looks (at least to your friends and the merchants you shop with) like a credit card, you should treat it like a bank account.
In a nutshell, here’s what you need to do:
* Set up a checking account with the starting balance equal to the deposit that you make with the debit card company. Note, however, that you only need to do so if your debit card uses a new, separate account. If your debit card just taps an existing account, you don’t need to take this step.
* When you buy something by using your debit card, record the transaction just as you would record a regular check.
* When you replenish the debit balance by sending more money to the debit card company, record the transaction just as you would record a regular deposit.
