Assigning categories to credit card transaction that was paid by checking account

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Till321
Till321 Member ✭✭

I paid my credit card bill from my checking account as I normally do. One of the charges on the cc bill was for an insurance bill that i want to split into multiple categories that I have already set up( ex. auto, home, etc). The register for the cc shows the payee as the insurance company but the category is listed as [my checking account] from which I paid the bill. How do I now go back and properly assign the correct splits to the transaction without changing where I paid the bill from i.e. my checking account

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  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
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    The charges in the credit card account should be to each expense category. Only the actual payment from the checking account should say [Checking Acct] and be a Transfer from checking. How are you entering the credit card bill? Are you splitting out the bill when you pay it?

    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.

    I'm staying on Quicken 2013 Premier for Windows.

  • Till321
    Till321 Member ✭✭
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    The CC Bank downloads all the charges to the cc register. Interesting in this case the cc registers shows the payee as{checking account] and shows the amount as a PAYMENT instead of a CHARGE as all other transactions for the cc normally does. I do pay the cc as a TRANSFER as you state above. I probably could edit the cc transaction to change the category to Insurance and change the amount from PAYMENT to CHARGES.

  • Till321
    Till321 Member ✭✭
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    SOLVED. I was mistaken. I was looking at the wrong charge from the CC

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
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    Do you have your cc register displayed as 2 lines? That might help. Do Ctrl+2 to switch to 2 line display. Also don't use the single Amount column. Delete that column and just use the 2 columns Charge & Payment and Balance of course.

    I'm staying on Quicken 2013 Premier for Windows.

  • Till321
    Till321 Member ✭✭
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    Thank you for taking the time to comment, I am embarrassed to say that I was looking at the wrong transaction line! There was a separate transaction for the insurance so everything is all right and as it should be. No Problem

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