Credit card activity transfer 'glitch'

When I transfer the credit card activity from the credit card company it seems that payments to the c.c. company are posted as follows: credit the bank account, debit the liability account (i.e., the credit card company) and, strangely, making a credit entry to an expense account. So, if the payment is for $10,000 then the 'trial balance' will be, erroneously, out of balance by a credit of $10,000. How do I stop doing whatever I am doing wrong? Is this a Quicken glitch?

Answers

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Is your bank account being reduced by the 10,000?  What category is on the transaction in the credit card account?  It should be a transfer to the bank account in square brackets like [checking acct].  Then when you download your bank account what happens with the payment?  If you download both the bank and credit card you might be getting duplicate payment transactions.  So you need to match them or delete one.  
  • johnboyabq
    johnboyabq Member
    Thanks for the suggestions. I check it out.
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