Credit Card payment and categories.

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carzmom
carzmom Member

Hello, there was a post about this issue, but the thread is closed and I had additional questions. Like the original poster I have been using the name of the credit card as a category then splitting the transaction to the various categories (like dining, travel, gas, etc). I have rental property so I set up my categories to match my Schedule E on my tax return. Once in awhile I get more then 30 transactions on my credit card and it exceeds the number of lines available in the split transaction box.

I read on the thread about setting up each credit card as its own account, which makes total sense and I also have the ability to synch with my credit card (bank) to get the detailed transactions. However, I would like to feed all my credit card transactions categories WITH my check register categories so when I do my taxes, I don't have to consolidate multiple accounts.

I am still not clear how to use credit cards when set up as an account (instead of a category in an existing checking account).

Thank you,

Best Answer

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Answer ✓
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    Once in awhile I get more then 30 transactions on my credit card and it exceeds the number of lines available in the split transaction box.

    It's probably a moot point because you decided to start using individual credit card account registers instead of Split transactions with many split lines.

    The Split Transaction dialog supports up to 250 split lines.
    If you need more than 30 lines click the "Add Lines" button in the dialog for 5 additional lines per click.

Answers

  • RickO
    RickO SuperUser, Mac Beta Beta
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    The short answer: you should absolutely set up a separate account for each credit card. On advantage among many is that this lets you record (and report on) the payee for each transaction (something you can't do with a split transaction in your checking account).

    When you pay the credit card bill, you record that as a transfer transaction from the checking to the credit card account.

    Nothing to worry about for tax time: you simply create a category report across all banking accounts. Which account a transaction is in will be covered and essentially irrelevant for tax purposes.

    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • carzmom
    carzmom Member
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    Hi Rick,

    Thank you for your quick reply! OK, I set up my credit cards as separate accounts. I connected to the bank and the prompt asked me to enter the beginning balance. I pay off the card each month so I was not sure exactly what to enter ($0? The last payment amount?). One one credit card it brought transactions since 2/2022, but on the other one (which has a lot of transactions) it only went back to 4/2023. I am trying to start from 1/1/2023 so I can get ready for April when I do this year’s taxes. Quicken tech support says they are having issues with the bank connection and wait a few days, however both cards are with the same bank and synched at the same time.

    The second part of your answer about the report…So If I have multiple accounts (checking, three credit cards, etc.) and I run a report by category, it will consolidate all my accounts by category? Or do I create multiple reports and manually consolidate by category?

    Thank you again for your help and quick reply!

  • RickO
    RickO SuperUser, Mac Beta Beta
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    I'm a QMac user and know nothing about the differences for QWin, so my answers will be generic and presume that QWin can do the same things as QMac.

    Generally, banks only provide at most 90 days of account history for download, so I'm surprised you got transactions back to Feb and Apr. If the bank provides it, you may be able to manually download a Quicken transaction file (QFX format) with transactions back to Jan 1st, then import it and merge it into the existing account. How to do this is QWin specific, so I can't address that.

    Opening balance will depend on when the transactions start in the register. Basically, you need to set the opening balance to whatever makes the current balance correct as of today's date.

    Yes, you can create a report that groups transactions by category across all (or a selection of) your accounts. Again, exactly how to do this is QWin specific. Hopefully some QWin users will chime in with the specifics .

    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • splasher
    splasher SuperUser ✭✭✭✭✭
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    See this FAQ to get more of your history in the one account:

    @RickO maybe a Mac user, but he got all of the information correct.

    Regarding this comment:

    Opening balance will depend on when the transactions start in the
    register. Basically, you need to set the opening balance to whatever
    makes the current balance correct as of today's date.

    Just make sure that you are not missing any transactions or have any duplicates, I think that makes sense regardless, but it needs to be stressed to ensure correctness for the Opening Balance transaction.

    I believe you will enjoy having the credit card accounts for the detail information since you can do downloads several times a month and spread out the detail work versus having to wait for the cc statement to make your split for the checking account payment transaction.

    -splasher using Q continuously since 1996
    - Subscription Quicken - Win11 and QW2013 - Win11
    -Questions? Check out the Quicken Windows FAQ list

  • carzmom
    carzmom Member
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    Thank you both! I think I was only only scratching the functional surface of Quicken the way I was using it!

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Answer ✓
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    Once in awhile I get more then 30 transactions on my credit card and it exceeds the number of lines available in the split transaction box.

    It's probably a moot point because you decided to start using individual credit card account registers instead of Split transactions with many split lines.

    The Split Transaction dialog supports up to 250 split lines.
    If you need more than 30 lines click the "Add Lines" button in the dialog for 5 additional lines per click.

  • carzmom
    carzmom Member
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    Who are you amazing people of Quicken support community?! UKR, thank you sooo much! I did read about increasing the line numbers in the split transaction box but when I called tech support they couldn't help. I thought I might have a version of Quicken that didn't support that function. Everyone as been sooo helpful here, thank you. Most of the time I have less then 30 transactions, and it is really easier for me to keep it with my check register, but I also love being able to download the credit card activity automatically as a separate account too. Both really helpful advice.

    I wish I was knowledgeable enough to pay it forward and help someone else, but even though I am a long time user, I just can't do these Quicken gymnastics like the terrific SuperUsers who were kind enough to post an answer.

    Thank you!

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