Credit Card Account Transactions/Balances do not match bill payments in Checking Account

In my separate Credit Card Accounts, I download all the transactions from the bank online. Payments to the credit cards in my checking account do not match. I have to enter the amounts manually. I have only been entering the balance payment amounts, not all the transactions. How do I import all the transactions from the credit card accounts to the checking account? Is there a setting that I am missing? Thanks, Charlie

Answers

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Charlie, you don't want the credit card transactions in your checking account; they already exist in the credit card account. All that should exist in the checking account is the payment to the credit card account.

    Do you download the transactions for your checking account, or do you enter those manually? The transaction there should be a transfer to the credit card account. 

    Could you provide more information about what you're saying doesn't match? 
    Quicken Mac Subscription • Quicken user since 1993
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Your post is a little hard to follow, but you certainly don't want to "import all the transactions from the credit card accounts to the checking account."  All those transactions are sitting over in the credit card Account where they belong and somehow importing them again into your checking Account would double count all your expenditures.
    The process should work as follows:
    1. Transactions are posted to your credit card Account where you can Categorize the expenditures in ways that are meaningful to you. 
    2. When the credit card statement arrives you reconcile the statement balance to your Quicken balance.
    3. Assuming all is in order, you enter a check in your checking Account for the amount due and the date the check was (will be) issued.  In the Category box for this payment you enter the name of your credit card Account with the name surrounded by square brackets, e.g., [Amazon Credit Card].
    4. Depending on how you actually paid the amount due - hand written check, ACH, wire, etc. - subsequent downloads from the two financial institutions will first "match" the payment in one Account, and then a day or two later "match" the payment in the other Account.
    I'm not sure what you mean by "Payments to the credit cards in my checking account do not match" and that needs clarification.  If you authorize a payment of $257.87, say, to the credit card company, that's exactly what you should be seeing in both of your Accounts.
  • Charlie13
    Charlie13 Member
    Tom & jacobs. I appreciate your replies to my inquiry. FYI, I do download all transactions for both my credit cards and my checking account. It makes things much easier to track and reconcile. I have not been doing step 3 from your process, Tom. When I added the category ([Credit Card Account name]) on 1 credit card, the amount due next week in my checking account changed to match the Credit card account. I did the same category change to my other credit card and the amount due next week in my checking account did not change. Tom, I am hoping the lag time you mentioned in your step 4 will eventually correct the checking account amount due. This was the problem I was talking about. I apologize that it wasn't clear. I have all my ongoing bills (Utilities, Credit Cards etc.) set up in the "Bills and Income" tab in my checking account. The credit card bills are due on the same day each month. I noticed that the 2 credit cards in this tab now say "Transfer" in the "Actions" column. They used to say "Mark as Paid". Will these credit card bills continue to show up in my checking account below the green line (today's date) in grey without me doing anything or will I need to hit "Transfer" after importing the latest credit card statement with all the transactions? I like to track upcoming bills for my budget. I am relatively new to this Quicken version. I had been using Quicken 2007 until it would no longer function after a Mac OS update. I do like the features of this newer Quicken subscription version. Still learning all the procedures that make it easier to use. Thanks, Charlie
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