Credit card payment.

Credit card payments show in my expense totals as coming from one or more bank accounts, and in exploded detail.  The actual expenses are also recorded in the credit card account, so the expenses is being recorded twice.  My total expenses are showing way high.  What am I doing wrong?

Best Answer

  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    edited January 19 Accepted Answer
    To clarify .... to create a "transfer" payment....
    The bank transaction should reflect the payment amount,
    and the CATEGORY should reflect the Account name
    in brackets [xx] of the credit card account name - .... [Visa123]
    Quicken Subscription - Windows 10

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Your card payment, from the bank, should be a simple transfer without all of the expense items included
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    edited January 19 Accepted Answer
    To clarify .... to create a "transfer" payment....
    The bank transaction should reflect the payment amount,
    and the CATEGORY should reflect the Account name
    in brackets [xx] of the credit card account name - .... [Visa123]
    Quicken Subscription - Windows 10
  • petershaw1947
    petershaw1947 Member ✭✭
    Thank you.  I will try that.  I did not use square brackets, just the account name
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Thank you.  I will try that.  I did not use square brackets, just the account name

    Which means that, now, you've got a category with the same name as an account ... which isn't supposed to be allowed in Q.
    Double check your category list (CTRL-C) to look into this.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • mpstrong
    mpstrong Member
    I have this same question. I have a credit card account set up and record transactions with categories in the credit card account. These items show up on my budget report as expenses. When I pay off the account at the end of the month using a transfer to the bracketed account name, it also shows up as an expense. Like the OP, this makes it look like my expenses are doubled.

    The problem appears to be that the credit card spending is being reported in my budget report as an expense against the monthly income, while it does not reduce the amount in my checking account (my primary spending account). When I make a payment, it does go against my primary spending account. So, in the report, my expense column shows both the amount spent using the credit card as an expense, as well as the credit card payment, as an expense. Because of this, my expenses appear to be doubled, even though they are not doubled in my checking account.

    I hope this makes sense. Any ideas on how to make this problem not hit up against my OCD would be appreciated.

    Mike
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    On the Planning > Budgets page, click on Manage Budget Categories. This has sections for Transfers In and Transfers Out.

    It sounds like you have transfers from the checking account to the credit card checked.
    QWin Premier subscription
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