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Credit Card Payments

Hello, I am new to quicken and trying to organize my monthly spending. I added my checking account and credit card. When I pay my credit card, the transaction doesn't show in my spending chart, and also all the transactions made using the credit card, I can only view if I click the credit card account. How do you all see what you truly spent in a month in one place between checking account and credit card transactions?

Comments

  • RickO
    RickO SuperUser, Mac Beta Beta
    There are a couple of options:

    1. Click the Banking heading in the sidebar which will show you a register that includes all your checking, savings and credit card transactions.

    2. Use the reporting features. The Transaction report can be customized in many, many ways. The This Month, Last Month and Spending Cloud reports are simpler but less customizable.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    @didimpalmieri I just want to add to what @RickO wrote above. The key thing to recognize is that you shouldn't expect to see the payment of the credit card bill in your expenses -- that is a transfer of funds from your checking account to your credit card liability, but it's not the expense. The actual expenses are all the individual charge transactions entered in your credit card account. You can't show both as expenses, because then you'd double-count your expenses. So even though the payment of the credit card statement might feel like the expense, adjust your thinking to realizing the credit card charges are your expenses.
    Quicken Mac Subscription • Quicken user since 1993
  • didimpalmieri
    didimpalmieri Member ✭✭
    @RickO and @jacobs , thanks for your reply. @jacobs you got my question, this is exactly what confuses me, the transfer and how I think about it, because I feel that if I truly need to know my spending for month X, I need to manually add the checking + transactions displayed on my credit card. So what was truly for instance my groceries for month X when I used CC and debit card? Sounds I have to change the way I look at Quicken, or maybe use reporting tools to combine both, but the Spending Page, won't show me both together. Thanks again for helping me guys.
  • RickO
    RickO SuperUser, Mac Beta Beta
    Good example: what was my grocery spending for the month? If this is something you need to know frequently, you could make a saved report which will give you that specific answer in one click. Or, if it's just a quick answer you want, there are a couple of other ways. Let me cover each:

    Quick Reports: Right click on any transaction with category "groceries" in any register (credit card or checking). Choose "Report on Groceries". You will get a report like this: 



    As you see, that's every "Groceries" transaction in all accounts for the year. If you want just a month, If you want a different timeframe, click the Customize button and change the date range. Some of the options are "this month", "last month", "last 30 days", etc.

    Transaction Report (saved report): Click the Reports menu, the Create Transaction Report. Give the report a name and choose how you want the rows organized (by payee, by date). Click Continue to Customize. Choose the date range. Click the Categories tab, Clear All, then select only "Groceries" and click Okay. The report is saved in the Reports menu under the name you gave it. You can pull it up with one click.

    In the register: This is a quick way to get all grocery transactions. Click the Banking group register in the sidebar (to include all your banking accounts). Click the Date filter and choose the period you want. In the search box, top right, click the magnifying glass and choose "Category" to limit the search to the category field. Enter "Groceries" in the search box. The total of the transactions is displayed right under the search box. Note that you can search any register column or all columns at once.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    If you're recording your individual charges in a credit card account, those transactions give you a complete detail of your spending. If you run a transaction or summary report of your expenses for last month, for instance, you'll have the exact spending on groceries across all your accounts. The payment from your checking account to the credit card company is, for these purposes, irrelevant; the expenses are what you see in your credit card and debit card registers.

    For someone who pays their credit cards in full every month, ignoring the card payment is pretty straightforward, since it's the same amount as the individual transactions already recorded in the credit account register. It gets a little more complicated to wrap your head around if you don't pay your full balance -- e.g. you have $1,000 in new charge transactions in your register, but you pay the credit card company $750 or $1,250. Again, in Quicken from an accounting standpoint, the expenses occurred when you had the charge transactions, not when you pay them off -- so your cash flow now differs because you're paying less or more than your expenses. Quicken doesn't currently allow for cash flow budgeting or reporting.
    Quicken Mac Subscription • Quicken user since 1993
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