Credit Card Payments and reporting

Hi, I dont understand how quicken reports my credit card payments. I have added my credit cards as separate accounts that I can download transactions to. However when I post a payment from my checking to each one I set the category as transfer as many suggest. The issue is that because is a transfer my Money In Money out report is inaccurate cause it does not include the transfers(payments) I made to the credit cards. It only reports them as Other transactions but it does not count them as money OUT. What am I missing? 

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Answers

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    When you record the individual credit card transactions, that is the actual spending. The payment of the credit card is simply a transfer of funds from an asset (your checking account) to a liability (your credit card account).  So while from a cash flow standpoint you're thinking of the payment of your credit card as your outflow of cash, Quicken is treating your credit card charges as the outflow. It's not entirely a satisfactory solution, but Quicken can't show both the individual charges and the credit card payment as money out, because that would double-count your credit card activity.
    Quicken Mac Subscription • Quicken user since 1993
  • so my in and out report will not be correct unless I substract all transfers to the credit cars assuming no new transactions in each of them?
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Which report are you using in Quicken that you're referring to as your "in and out report"?
    Quicken Mac Subscription • Quicken user since 1993
  • Sorry its called:
    This Month shows all your transactions for the current month, for each account, in a single place. For each account, the report lists any income, any scheduled expenses, and any other expenses. The Other Expenses section of each account helps you understand where your discretionary dollars are going.
  • Thanks, I will try that. Quicken should really have a cash flow report.
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