Credit Card Payment

System

This discussion was created from comments split from: New Fidelity accounts have zero balances when they shouldn't.

janebob

how do you post a credit card payment from your checkbook to the credit card account so it deducts from checking and shows paid in credit card. What is the best way to set this up and track categories in budget

NotACPA

You post the credit card purchases in a credit card account using categories.

THEN, when you pay the card bill … it's recorded as a transfer from checking to that card account

volvogirl

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.