How to categorize historical payments?

Question

Hi, I have searched a long while and can't seem to find an answer to what i'm looking for.

I just started using quicken, and for example I have a credit card payment in my checking account from November of last year for say "100$".     However my current balance as of today is -32$.     If I categorize it as a transfer to my credit card account it effects my current balance and shows it as +68$.

Is there anyway for me to categorize it as a transfer and avoid it changing my current balance?

volvogirl · Answer

Another way is when you enter older transactions is to adjust the beginning balance to account for the transaction.  So like enter it in your checking account as $100 payment to credit card.  Then in the credit card account change the opening balance (to a date before the payment) to a $100 owed or increase the beginning balance by the $100.

What balance and date did you start the credit card with?

Boatnmaniac · Answer

Another suggestion:  You can set up a monthly recurring Transfer Reminder for your credit card payments.  Set it up to be manually entered each month and when you go to enter it you can change the payment amount to what you are actually paying.   After the Reminder is entered it will show up as a transfer transaction in both your checking and credit card accounts and Quicken will try to match the actual payment transaction downloads in both your checking and credit card accounts.

Boatnmaniac · Answer

Hi @plonk32 .  Doing the transfer category from your checking account to your credit card account is a perfect way (and the preferred method, in my mind) to manage it.  To eliminate the issue with the balance in your credit card account:  In the account register look for the payment transaction downloaded from your credit card company (not the transfer transaction from your checking account) and delete it.  The credit card balance issue will be resolved.
For future credit card payments it is possible that the credit card company will download the payment first.  You can then set the category for that downloaded transaction as a transfer back to your checking account.  Then when the bank downloads the transaction Quicken will try to match it to the transfer transaction from your credit card account.Or if the bank downloads the transaction first, set the category as a transfer to your credit card account.  Then when the credit card account downloads the payment transaction Quicken will try to match it to the transfer transaction from your checking account.Does this answer your question?