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Non-Exp/Inc Category Query?

dennyg73

Is there a category I can use for payments on credit cards? Currently I use a VOID account, but payments still appear as income. Example, if I use a credit card to charge "groceries", and then make a payment at some point ... currently the program reports this as an additional expense, doubling the accounting impact.

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Accepted answers

NotACPA

You can input payment transfers directly into the checking account by placing square brackets around the credit card account name ... e.g. [VISA]

Any transfers can be recorded via this technique.

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bmciance

The payment should be a transfer to the credit card account. It should not show as expense or income. How are you entering the payment?

dennyg73

I'm entering the payment as a "payment", however, the program asks for a "category" and I'm not sure what I should select for that, to keep it out of the inc/exp report.

Rocket J Squirrel

There is a better way to handle credit cards. Each credit card should have its own Account in Quicken. Each charge goes into that account. When you get the bill, reconcile the credit card account and pay it. In Quicken, add a transfer from checking to credit card.

bmciance

It should be a transfer to the credit card account. You should be able to pick transfers when entering the category:

And then pick the credit card account that you are paying. It will then show up in the category as the credit card account in brackets like this: [Credit Card].

dennyg73

Thank you ... I do see that now and will give it a try.

NotACPA

You can input payment transfers directly into the checking account by placing square brackets around the credit card account name ... e.g. [VISA]

Any transfers can be recorded via this technique.