Apple Card Installment Payment Accounting/Reconciliation

Lysander Spooner

I cannot figure out how to properly account for Apple Card installments when downloading the QFX file. The file keeps adding the installment payments to the account and the payments made against it. Problem is I recorded the total purchase price so the way Apple Card downloads the monthly installment it ADDs them to the total due overstating the real balance.

I guess I could just delete these entries from the download. Is that the correct way to get an accurate reconcilation of the actual balance?

No other credit card works this way in Quicken.

Any suggestions

Jon

Since the installment plan balance is interest free, it isn't part of your credit card balance (which would accrue interest); instead they add the installment plan payment to your minimum credit card payment each month. So if you want to track that in Quicken I think it would be best to create a separate account for the installment plan & record the purchase in that account instead. Each month when the installment payment is added to your Apple Card, turn that into a transfer from the installment plan account so it reduces the installment plan balance.

There are several things about the Apple Card that are different from other credit cards; I kinda wish now that I hadn't gotten one and will be cancelling it at some point.

Lysander Spooner

Yes, this appears to be the Best solution. I am keeping the card since the Apple Savings account pays 4.5%.