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If I use the Categories field in the check register to update an account balance in the Accounts

johnpevear

pane, then where do I categorize the transaction?

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volvogirl

What? You only enter transactions and categorize them. You enter the transaction amount in the payment or deposit column and that adds or subtracts from the running balance. I don't understand your question or what you are doing. How are you using the category field to update the balance?

You enter a check in your checking account for $100 for the electric bill. The category should be Utilities and the $100 will decrease the account balance. Are you seeing something different?

johnpevear

Is this where I respond??? [Removed - Off Topic/Unhelpful]

Chris_QPW

johnpevear said:

Is this where I respond??? [Removed - Off Topic/Unhelpful]

Yes. Just enter a comment, and select Post Comment.

johnpevear

OK. I write a check to pay a credit card bill. That creates a debit to my checking account and a credit to the credit card account, but to display that change in balance of the credit card account in the (far left of screen) Accounts list, I have to use the Category field in the check register. Now, I want to show the $x.xx payment in credit card payment category of the my budget but the Category field is already occupied. Is there a way to accomplish both?

volvogirl

The credit card account should show the new balance in the account bar on the left. What category are you entering on the check payment in the checking account? It should be a TRANSFER to the actual credit card account in square brackets like [Visa]. Not categorized to a credit card expense category.

How are you entering all the individual charges on the credit card bill? Just in case you are doing it the wrong way,

The proper way is to set up a credit card ACCOUNT and enter the charges into it when the purchase is made and assigning it to a category. Then when you pay the bill you TRANSFER the payment from your checking account to the credit card account. Then when you download the payment from the bank you match it to the one you already entered. Then your credit card account should match what you actually owe at any time.

When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a transfer...like this… [credit card] or newer versions have a Transfer column.

johnpevear

Got that, BUT now that the field is so occupied, how do I enter "Credit Card Payment" as a budget category in the same field?

Chris_QPW

In reality you shouldn't be budgeting a credit card payment, you should be budgeting the categories like clothing, groceries, ...

But if you really want to put a transfer into your budget you would select Transfers Out and then To [Credit Card Account Name].

johnpevear

OK. The fog is lifting. You are saying that the items in the credit card bill are categorized individually so there is no need to categorize the total bill. Credit the credit card account [total bill] in brackets and categorize the individual charges. Right?

johnpevear

You said there is a newer version with a transfer feature. Is my version not up to date?

Chris_QPW

johnpevear said:

OK. The fog is lifting. You are saying that the items in the credit card bill are categorized individually so there is no need to categorize the total bill. Credit the credit card account [total bill] in brackets and categorize the individual charges. Right?

This is correct:

johnpevear said:

You said there is a newer version with a transfer feature. Is my version not up to date?

This feature has been around for a long time (mostly used by people wanting to track transfers to a loan account), what version of Quicken do you have? Help -> About Quicken

NotACPA

johnpevear said:

You said there is a newer version with a transfer feature. Is my version not up to date?

Since you've never stated what Q product your running, what BUILD of that product, or your "Membership Valid Thru" date, no one can answer this question.

That info can be found by doing HELP, About Quicken

AND, the card expenses are input into a credit card account. When you pay that bill (with a transfer from checking to the card account) you're not incurring an expense. This action doesn't make you any poorer (as does those expenses input into the card account). WERE the card payment recorded as an expense also ... you'd be double-counting all of those card expenses.

Boatnmaniac

@johnpevear - If you want to see the transfer categories, go to Tools > Category List. On the left hand side of the list you will see "Transfers" as one of the options. Click on that and you will then see them all. Note that each of them will be the name of one your Quicken accounts inside brackets so this list of categories will be totally unique to each Quicken user.

Image: https://us.v-cdn.net/6031128/uploads/editor/zj/cubcwzxj784x.png

When you want to use a transfer category in a transaction, click on the category field and then click on the downward-pointing arrow button on the right side of the category field. That will open a pop-up that will look something like the Category List pictured above. Click on the account name enclosed in brackets that you want to use to select it for the category.

Example: If I wanted to make a payment to Capital One Quicksilver MC, in the category field I would click on [Capital One Quicksilver MC] to select it.

Alternately, in the category field, simply type in [ and you can then scroll down the list of transfer categories and click on the one you want to select it.

Once the transfer category is selected and the transaction is entered into the checking account, for example, a $100.00 payment made, it will then also show up in the credit card account as a payment received transaction...but the category there will show it is a transfer from the checking account name in brackets. Here is what it could look like:

Payment transfer transaction in checking account made to credit card account
Payment transfer transaction in credit card account received from checking account

Your Community profile shows you have Quicken Windows subscription. This transfer feature is standard for all subscription editions and versions.

johnpevear

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