Credit Card Splits

Peggi

Looking for budget software that (1) let's me breakdown each credit card charge by budget category and (2) sorts and shows all spending in each category on same page (whether it was paid by check, one credit card #1 or credit card #2). Does Quicken provide that?

UKR

That's what Quicken can do for you.
Simply create an account register in Quicken for each credit card account, each checking, cash, investment, etc. bank account you have.
In the individual account registers create transactions for each purchase you make and categorize these accordingly: Walmart --- Food, CVS --- prescription drugs, etc.

When you pay your credit card bill, e.g., with a check from your Checking account, record this as a transfer from the Checking account to the credit card account.

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Peggi

Thank you. I assumed Quicken would let me do splits on the credit card bills. What I'm particularly interested in is knowing whether at the end of the month if I want to view all 'Supermarket' expenditures will I be able to see all of them in a single list (even though some where by check, some on one credit card and some on another)?

volvogirl

By the way you don't split the credit card bill.  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 credit card bill you TRANSFER the payment from your checking account to the credit card account (not a category).   Then if or 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 Mac versions have a separate Transfer column.

jacobs

@Peggi Yes, you can either do a Search for all transactions in a category -- across all accounts -- or you can generate a Report for all transactions in a category across all accounts. There are some reasons you'd do one versus the other, but the gist of it is: yes, it's easy to find all transactions for one category, or a number categories, within whatever time range your specify, and in one or all or specified accounts. 

Peggi

Thank you