Math errors in splitting transactions

I have been using Quicken for Mac for years.  Typically when paying my monthly credit card bills I split the bill into multiple categories.  For instance, there may be 10 entries for groceries in a month. I look at the credit card bill, enter each transaction, and then hit "+", repeat the same action for the next item and continue until I've entered all of the grocery transactions.  At this point, everything is fine but when I hit "tab" or "=" the amount entered in the category box is multiplied by a factor of 2.  In the old Intuit version, hitting the tab button would take me to the next appropriate box to fill in.

Comments

  • volvogirlvolvogirl SuperUser ✭✭✭✭
    Don't know about your math problem but it sounds like you are entering the credit card transactions the wrong way.  Which will fix your math problem.

    Just in case you are doing it the wrong way,

    The proper way is to set up a credit card ACCOUNT and enter the charges into it when the purchase is made and assigning it to a category. Then when you pay the bill you TRANSFER the payment from your checking account to the credit card account. Then when you download the payment from the bank you match it to the one you already entered.

    When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a transfer...like this… [credit card] or newer versions have a Transfer column.

    I used to do it the wrong way for years!  Then I wised up and now enter them properly. I would split my credit card payment into all the categories on one transaction in my checking account. And since I always pay more than the bill I would need to figure the difference and put it to another category.  But then I needed to have them entered on the date the charges actually happened. So I finally set up a credit card account. It makes it much easier to enter and balance!



  • DrBobJr2DrBobJr2 Member
    Thanks, I'm aware of this method but choose to enter everything off of my credit card statement. I'll look at again, but I don't think it fits my modus operandi. In any event, that won't fix the math issue.
  • volvogirlvolvogirl SuperUser ✭✭✭✭
    I enter everything off my credit card statement manually too.  But you really need to enter each charge separately into its own credit card Account.  Then just pay the bill from the checking account as a transfer to the credit card account.  It's much cleaner.

    Here's a list of some reasons why you should do it this way…..

    You don't have to wait to make the payment and split it out

    You won't run out of split lines (I used to use Q2004 and there was only 30)

    You can use both the payee and memo fields for more description

    You don't have to figure out the difference if you pay a different amount

    Then your Credit Card Account will exactly match your statement

    Charges get entered with the right date (better at year end for taxes)

    You can enter all charges to date, not just what's on the bill - then you can see what you still owe

    You won't forget what a charge was for if you enter it right away from the receipt

    And if there are multiple categories purchased on a single credit card charge, you can split that one credit card charge to detail the items purchased each with their own category and memo/note.



  • DrBobJr2DrBobJr2 Member
    Trust me, I understand, but in my life entering each credit card receipt is an absolute pain.
  • volvogirlvolvogirl SuperUser ✭✭✭✭
    Well aren't you doing exactly that when you split the credit card bill?  I enter my charges from the bill when I get it (not from the individual receipts).  I just go down the statement and enter each one into the credit card account.  You don't have to stop and add up categories.  Then I enter a single amount for the payment in my checking account as a transfer to the credit card. 

    Then when I finish entering from the statement the credit card register matches the balance on the statement so I know I entered everything.
  • Rocket J SquirrelRocket J Squirrel SuperUser ✭✭✭✭✭
    edited June 14
    volvogirl said:
    Here's a list of some reasons why you should do it this way…..

    All of those reasons are good. But there's one more: you can Reconcile your credit card account against your monthly statement. This makes it easier to detect typos in amounts.
    Honestly, @DrBobJr2 , you will find no one here who recommends your approach. There are many ways to do most things in Quicken, depending on preference. But using splits instead of accounts for credit cards is just the wrong way to do it.
    Quicken user since version 2 for DOS.
    Now using QWin Premier subscription version on Win7 Pro x64.
  • Rocket J SquirrelRocket J Squirrel SuperUser ✭✭✭✭✭
    Oh, another reason to use accounts. If your Quicken version is current, i.e., supported for online access, you can download your credit card transactions into Quicken and never have to hand-enter any of them if you prefer.
    Quicken user since version 2 for DOS.
    Now using QWin Premier subscription version on Win7 Pro x64.
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    Another benefit of using accounts is the ease of splitting a single receipt...but still matching it to a single transaction on a statement or online.

    The list goes on and on....

    All that said, it still points what appears to be an issue in Quicken handling long lists of splits....

    If you find this reply helpful, please be sure to click "Like", so others will know, thanks.

    (Canadian  user since '92, STILL using QM2007)

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  • volvogirlvolvogirl SuperUser ✭✭✭✭
    @Rocket J Squirrel  I think I said that in my 5th line.  Match to statement
  • Rocket J SquirrelRocket J Squirrel SuperUser ✭✭✭✭✭
    volvogirl said:
    @Rocket J Squirrel  I think I said that in my 5th line.  Match to statement
    OK, that didn't ring a bell with "Reconcile" for me.
    Quicken user since version 2 for DOS.
    Now using QWin Premier subscription version on Win7 Pro x64.
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