How to import csv for credit card into splits in the check register for the transactions (Mac)

System

This discussion was created from comments split from: How to import csv for credit card into Splits in the check register for the transactions.

WillieTquicken

I want all transactions in one place - in Checking - why can't I import into the split I have set up for the credit card in checking? [Edited-Readability] All in one place - not more work - less. Not to make payments, but have one report for all transactions. Not one for checking and another for the credit card. If I have to enter the credit card split by hand, that is much more unnecessary work - why can't it be automated?

WillieTquicken

I have Quicken Deluxe for Mac

jacobs

Quicken works best when you mirror what is happening in the real world. Fro credit cards, you should record each transaction in a credit card account, and when you pay the bill, it's a simple transfer transaction from your checking to credit card account. If you connect your credit card account to your financial institution, then you can download all the credit card transactions to that account in Quicken.

If you want to record all the credit card transactions as a single split in a checking account transaction — which isn't recommended — then you'll definitely have to enter those splits manually.

WillieTquicken

VERY counterproductive to have to maintain both accounts and MANUALLY combine them. Two year-end reports instead of one. Why does Quicken refuse to make this fix? Been asking for it for years. I am looking for other programs that make this available without needing to manually input.

volvogirl

You must be not understanding how Quicken works. You don't need to combine different accounts. Just include both accounts in one report. And how do you reconcile the credit card account if it's not in Quicken?

To enter credit card....

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. The transactions need to be entered with the date you charged it, not the date you pay the credit card bill.

Then when you pay the bill you TRANSFER the payment from your checking account to the credit card account. Then when you download the payment from the bank you match it to the one you already entered.  Then your credit card account should match what you actually owe at any time.

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 versions have a 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!

Here's a list of some reasons why you should do it this way…..

You don't have to wait to make the payment and split it out

You won't run out of split lines (I used to use Q2004 and there was only 30)

You can use both the payee and memo fields for more description

You don't have to figure out the difference if you pay a different amount

Then your Credit Card Account will exactly match your statement

Charges get entered with the right date (better at year end for taxes)

You can enter all charges to date, not just what's on the bill - then you can see what you still owe

You won't forget what a charge was for if you enter it right away from the receipt

And if there are multiple categories purchased on a single credit card charge, you can split that one credit card charge to detail the items purchased each with their own category and memo/note.

Ps56k2

https://community.quicken.com/discussion/comment/20363593#Comment_20363593

ah - because Quicken is setup to reflect the real world -
Nomally most folks - setup a Quicken Account to reflect activity in their physical world accounts….
As others have mentioned …. setup a Quicken Account for the Credit Card - then download the CC transactions.
These CC transactions are part of the CC accounting and NOT your checking account.
Then as mentioned, when the CC statement comes due - you merely enter a [Transfer] to reflect paying the bill.

All of this can easily be seen in the Quicken Reports —> Spending —> By Itemized Category
AND - this would reflect ALL of the Quicken "Banking" Checking, CC, Savings, MMF Acounts …
or you could select which ones you want to see in the report -