double counting

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I have a credit card listed to Quicken along with checking account. When I use the credit card the purchase shows as an expense in Quicken. When I pay the credit card bill that also shows as an expense so its double counting the purchases. How do I set the credit card payment so it doesnt show as an an additional expnse.

Best Answer

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
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    Do you have a credit card account set up in Q?  You card purchases should be recorded there ... and when you PAY the credit card record the transaction as a transfer from your checking account to the credit card account.  You record a transfer by using, in the checking account, the name of the card account enclosed in square brackets, e.g. [VISA] as  the category.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
    Options
    Do you have a credit card account set up in Q?  You card purchases should be recorded there ... and when you PAY the credit card record the transaction as a transfer from your checking account to the credit card account.  You record a transfer by using, in the checking account, the name of the card account enclosed in square brackets, e.g. [VISA] as  the category.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Marty24
    Marty24 Member
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    thanks
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