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Credit Card Payments Accounted Twice

LAM-Quick

Simple question. Say I make a purchase of $100 (restaurant) with my credit card. Then, I make a payment of $100 to the credit card.
In my "See where my money goes" graph, I see $100 in Dinning and $100 in Credit Card with a total spending of $200 which is not real!
Is there a way to avoid this double accounting?

Thanks in advance

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Accepted answers

GeoffG

The correct method to entering the CC payment is as a transfer. Quicken mimics real-life accounts, so when you make a CC payment you typically write a check to the CC company. In essence, you are transferring money from checking to CC.

To accomplish this in Quicken:

$100 [xyz checking account]

-$100 [citi bank CC account]

The key is to enter the transfer in [ ].

All comments

GeoffG

To accomplish this in Quicken:

$100 [xyz checking account]

-$100 [citi bank CC account]

The key is to enter the transfer in [ ].

LAM-Quick

Hi GeoffG, Thanks so much for your answer.
One little thing. Quicken automatically loads the transactions from the checking account and from the credit card. Including payments.
You are suggesting to let this automatic load happen and then go in and correct it manually?
Thanks again.
Take care.

GeoffG

You will want to turn off the auto entry.

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tdill13

If you budget for the transfer to the credit card, say $100 to Citibank as part of your debt reduction plan. You decide that you will still use the credit card, but pay off new purchases you make on the card every month in addition to the $100 already budgeted. When shopping for groceries you use the Citibank card for a purchase of $50 for groceries. You now have $50 that is budgeted to groceries. To maintain your debt reduction plan you add that $50 to your $100 that you originally budgeted for the transfer to Citibank. $150 is now budgeted to the credit card transfer and $50 for the purchase of groceries. Hence, as the original post indicated you will have budgeted for double of what was actually spent on groceries, in this example.