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Auto recording credit card transactions

Hi. Considering Quicken. I currently record all of my credit card transactions in my checking account as they are spent. Currently this is a manual process when I receive an email from the CC company about a new charge I manually record the transaction in my current software. Can Quicken automatically import and record my CC transactions as a deduction in my checking account? Thanks.

Best Answer

  • RickORickO SuperUser, Mac Beta Beta
    Accepted Answer
    Yes and no. First of all, this is definitely not how you would want to do this in Quicken. Your checking account is one account and your CC account is a different account (in the real world). Therefore, in Quicken, you set up these two accounts as separate accounts in the Quicken file.

    With it set up this way, depending on the bank, you can automatically download the CC transactions into the CC account in Quicken. This accumulates a negative balance in that account. When you pay the CC bill, you show that as a deduction in the Checking account with a transfer to the CC. If you want to provide the name of the CC bank, someone here will look it up and let you know if it has download ability. (Most do.)

    It sounds like you want to be able to see a running balance in your checking account as if you had paid every CC transaction immediately. With the balances separated into two accounts, you would have to do this in your head. However, if the only banking accounts you have in Quicken are the Checking and CC, then there is a Banking group heading that will always display the net balance of these two accounts.
    Quicken Mac Subscription; Quicken Mac user since the early 90s

Answers

  • RickORickO SuperUser, Mac Beta Beta
    Accepted Answer
    Yes and no. First of all, this is definitely not how you would want to do this in Quicken. Your checking account is one account and your CC account is a different account (in the real world). Therefore, in Quicken, you set up these two accounts as separate accounts in the Quicken file.

    With it set up this way, depending on the bank, you can automatically download the CC transactions into the CC account in Quicken. This accumulates a negative balance in that account. When you pay the CC bill, you show that as a deduction in the Checking account with a transfer to the CC. If you want to provide the name of the CC bank, someone here will look it up and let you know if it has download ability. (Most do.)

    It sounds like you want to be able to see a running balance in your checking account as if you had paid every CC transaction immediately. With the balances separated into two accounts, you would have to do this in your head. However, if the only banking accounts you have in Quicken are the Checking and CC, then there is a Banking group heading that will always display the net balance of these two accounts.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • jmccann76jmccann76 Member
    Ahh.. OK so if I have more than 2 accounts can I create a banking group head that includes 3 accounts (checking, VISA, Amex)? Trying to find an easier way to manage this without manually recording each transaction.
  • RickORickO SuperUser, Mac Beta Beta
    The answer could depend on whether you are planning on using QMac or QWin. QWin has more flexibility in grouping accounts (I think). I'm a QMac user, so I'll answer for that product. 

    In QMac, how accounts are grouped is strictly a function of the type of account you designate for each one. All CC accounts are grouped under the Credit Card heading and the net CC balance is available for that heading. All checking and cash accounts are similarly grouped under Cash. Savings accounts are grouped under Savings. The Banking main group includes the Cash, Savings and CC subgroups and shows that net total. 

    In your case, if you only had the one checking account and several credit cards, then the Banking group total would represent the net balance of those. However, if you also included a Savings account, the Banking total would also reflect that. You could conceivably fool it by calling the Savings account an Asset instead of Savings account type. But that would have other implications such as not being able to download its transactions.

    But there's another option. Even if you have a very complex set of accounts, you can create a custom Net Worth report that shows the net balance of only whatever subset of accounts you choose. Once that report is saved, it's one click to pull it up. In my file, I have 2 checking accounts, several credit cards, four cash accounts and three savings accounts. But I have a custom report that shows the net balance of only my main checking account and the credit cards.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • splashersplasher SuperUser ✭✭✭✭
    As described by @RickO , you want to have separate accounts in Quicken for your checking and credit card accounts.
    I don't understand how you can reconcile your checking account with all of the extra transactions for each credit card purchase being entered into the checking account.  How do you know which ones are included in a checking statement.
    Having the separate accounts and creating a report should allow you to know your combined balance between your checking and multiple credit card accounts.
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list

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