How do I handle Credit Card charges made in 2022 and transfer to AMEX in 2023?
Answers
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“ If I add that transfer to my payments in 2023 aren't I showing double payments? Please advise?”
I don't understand your conundrum.
You make charges on your credit card throughout a Statement “month.” That month might be an acual calendar month, but more than likely that “month” starts on some day in one calendar month, ends on some day in the next caledar month, and the period covers something like 28 to 31 days. Then you make a payment (transfer) after a grace period, and that grace period might extend into yet another month. That cycle repeats over and over and sometimes the payment month actually crosses a year end for charges you made in the year before.
I assume you have no problem with this extended cycle of credit card charges followed by a subsequnt payment that all occur in the same calendar year, so why do you think a payment made in 2023 against a credit card statement that ends in 2022 somehow results in a “double payment?”
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The transfer to the credit card account to pay off the card in January doesn't show up as an expense on any report I've looked at so far, so that isn't a problem, or shouldn't be. Which report do you think it's going to appear on?
(I'm assuming you're asking about Quicken Mac since you posted in one of the Mac support forums; your profile doesn't say which one you use.)
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Transfers aren't expenses, in the real world or in Quicken. ;) I'm assuming you have an Amex credit card account in Quicken, right? Each time you have a transaction in that account, the date of the transaction is when it would show up as an expense in any reports. When tyou do a transfer between your checking acocunt and the Amex account to reflect the payment of the bill, that transfer is a cash flow reduction of your asset (checking) and of your liability (credit card) — but it's not an expense, and won't show up in any category (expense) report.
Quicken Mac Subscription • Quicken user since 19930 -
I agree that a transfer to pay the CC is nuetral and shouldn't create any corundrum.
I question if Bruce started a new file for the new year. Hence his concern for the expedntures in ‘22 and CC payment in ’23.
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If that's the case, then I would suggest starting the credit card account on January 1st with a transaction categorized Adjustment with the year-end balance. The Adjustment category doesn't show up as an expense so it avoids the double-charge issue.
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