Convert Checking Account Credit Card Splits to New Credit Card Account (QMac 2007)

Question

I've been creating monthly credit card split entries in my checking account for decades. I realize this was the wrong way to do this, so I plan to create a new account for my credit card. Is there anyway to move the existing split transactions to the new account? I'm thinking I could export them as QIF, edit the file, and import it back. I'm using Quicken 2007 for Mac and plan to move to SEE Finance 2 soon.

jacobs · Answer

I was longtime legacy Quicken Mac 2007 and earlier user, but I never did much exporting and importing data in QIF format, so I can't offer you an opinion about whether you'd be able to morph the transaction data in the way you're describing. In a copy of your data file, why not just try the export to see if you can isolate the credit card splits, and then edit them into the format needed to import them as standalone transactions in a new account?

But I guess I'd just question why — or whether — it's worth the work to do this? You have all your past history, and you can start tracking your credit cards the "right" way starting today. What will you gain by re-formulating your past data. Keep in mind that even if you're successful in exporting the transactions, separating out the credit card splits, and importing them as individual transactions your work has only just begun. You'll also have to edit all the existing credit card transactions in your checking account to remove all the splits and make them simple transfer transactions to the credit card account. As long as you edit each transaction, not replace it, your checking account reconciliations should be unchanged; you'll just want to keep a close eye that the account balance doesn't change through a mistake anywhere. And then you'll need to reconcile the credit card account to make sure all the transactions and payments are intact and get you to the correct current balance.

Do you utilize your old credit card data in ways that doing all this work will make a significant improvement? I'm 100% in favor of you switching to having a separate credit card account going forward; I'm only questioning whether it's worth trying to change things in the past? Also: since you're planning to leave Quicken and switch to See Finance 2, might it be any better to do this data editing as part of your export and import of data in that transition?

UKR · Answer

Just start the new credit card account register as of the date of your latest credit card statement. Use the closing statement balance and the closing date as the date of your new register's Opening (or Beginning) Balance transaction. If you owe money to the credit card company, make sure you enter a negative amount.

Leave the existing old-style Split transactions in the checking account unchanged, to retain the history and the budget numbers for this year and all of history intact.

From now on enter separate register transactions for every credit card charge you make into the new credit card register and categorize each individually as needed.

For your monthly credit card payment enter a transfer transaction from your checking account to the credit card register. No Splits needed.