duplicating charges?

BobBolt1
Quicken Windows Other Member ✭✭
I have Quicken Deluxe 2019 version R22.12. My question is more of an accounting one. In Quicken, I track credit card expenses and bank transactions.
When my credit card balance is due, I pay it from my checking account. But, as far as tracking expenses, I am duplicating the charges.
For example, I use my credit card to buy a widget for $100. That appears as an expense on my monthly Quicken tracking reports.
Then, when I pay the balance, I again expense $100 from my checking account. So I think that transaction is counting $200 towards my monthly expense tracking although I'm only spending $100. Please advise how to set up Quicken to avoid double expensing.
When my credit card balance is due, I pay it from my checking account. But, as far as tracking expenses, I am duplicating the charges.
For example, I use my credit card to buy a widget for $100. That appears as an expense on my monthly Quicken tracking reports.
Then, when I pay the balance, I again expense $100 from my checking account. So I think that transaction is counting $200 towards my monthly expense tracking although I'm only spending $100. Please advise how to set up Quicken to avoid double expensing.
0
Best Answer
-
For that purchase of the widget, record the expense in a Credit Card account.THEN, when you pay the card bill, record it as a Transfer from your checking to that card account.Transfers are neither Income nor Expenses, as Transfers make you neither richer nor poorer.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP5
Answers
-
For that purchase of the widget, record the expense in a Credit Card account.THEN, when you pay the card bill, record it as a Transfer from your checking to that card account.Transfers are neither Income nor Expenses, as Transfers make you neither richer nor poorer.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP5
This discussion has been closed.
Categories
- All Categories
- 6 Product Ideas
- 27 Announcements
- 185 Alerts, Online Banking & Known Product Issues
- 17 Product Alerts
- 726 Welcome to the Community!
- 600 Before you Buy
- 1.2K Product Ideas
- 49.6K Quicken Classic for Windows
- 15.3K Quicken Classic for Mac
- 982 Quicken Mobile
- 772 Quicken on the Web
- 72 Quicken LifeHub