How should I post a credit balance on a credit card?

I am having a related issue with my Windows online version of Quicken. I have the most recent updates. My issue is that I have received some large refunds to my AMEX card for cancelled vacations due to the COVID-19 situation. So I have a credit balance and when I post the split transaction on the monthly activity, it has reversed almost all of the charges as if they were refunds in the expense categories. In order to zero out the split transaction, I posted a negative to my Vacation account. But the report of transactions makes no sense because some payments show correctly and not others, seemingly random.
Bottom line is, my reports do not show correct totals for expense categories because of the reversed items.

Comments

  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    It sounds as if this may be correct. If you purchase an item for $100 this month and return it for a refund this month the net amount is $0 to that category. If you buy this same item in month 1 for $100 and return/refund 3 months later with out any other purchases it will be -$100. Looks odd, but is correct for an expense category to be (-) in this instance.
    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 21H1
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    I suggest you do treat the refunds as you would any other return.  These transactions should not be on the payment transaction.  If you have over paid your balance, you will be running in the black.  With regard to the reports, perhaps the date range or some other filter is being applied.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited August 2020
    "when I post the split transaction on the monthly activity, it has reversed almost all of the charges as if they were refunds in the expense categories."
    A credit card refund works in the exact reverse of a credit card charge, so what you've said here makes perfect sense.
    "In order to zero out the split transaction, I posted a negative to my Vacation account."
    That statement, however, doesn't make sense.  If, for example, you charged $1,000 for a vacation and split that $1,000 among some vacation sub-Categories - say $375 for Airfare and $625 for $625 for Hotel - then the refund of the $1,000 would look exactly the same, in reverse.  What lead you to believe you had to make some other entry to "zero out" anything?  A split transaction doesn't need any "zeroing out" either going forward (charge) or in reverse (refund). 
    It sounds to me like when you posted the refund you used a negative sign ("-") in front of the dollar amounts for the split sub-Categories.  That isn't necessary.  The fact that you've entered the refund as a form of "payment" in the register does that for you.

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