Accounting for a large credit on my credit card

As a result of cancelling a hotel stay, I received a $2000 credit (among other statement transactions) which had been categorized as a vacation expense. Over several succeeding statements, charges accrued against this account (for various expense categories) gradually reduced the credit card credit. My inclination would be to transfer amounts from the vacation category to charges to new categories as they occurred in succeeding statements. This however is not allowed. How can I manage these entries in Quicken so that expense categories are entered when no credit card payments are due? Thanks.

Comments

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    I suggest the credit be recorded in the credit card register using the same categories as in the original charges and the subsequent charges should be entered in the credit card register with their appropriate categories.
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    You don't need to do anything special.  But it sounds like you might not be recording the credit card the proper way.

    There is a MUCH better way to do it.  You should not be splitting out the payment.

    Just in case you are entering your credit card bills  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 credit card bill you TRANSFER the payment from your checking account to the credit card account (not a category).   Then if or when you download the payment from the bank you match it to the one you already entered.

    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 Mac versions have a separate Transfer column.

    I used to do it the wrong way for years!  Then I wised up and now enter them properly. I would split my credit card payment into all the categories on one transaction in my checking account. And since I always pay more than the bill I would need to figure the difference and put it to another category.  But then I needed to have them entered on the date the charges actually happened. So I finally set up a credit card account. It makes it much easier to enter and balance!

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