Quicken Mac Classic always show payments to credit cards as income
Quicken Classic (latest version for Mac) always show payments to credit cards as income. On some reports I can exclude the CC thus giving a more accurate depiction of finances. But on the Home page under Income & Expenses the CC still shows thus showing CC payments as income - and that is completely inaccurate. How can I remove CC from the home page?
Answers
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How are you recording your credit card payments? Normally you would record a CC payment as a transfer from another account in Quicken (probably your checking account), and in that case it should not show up as income. Check the Transfer field in the CC transaction & make sure it is correctly showing the money is coming from the account you used to make the payment.
If you're recording those payments as two disconnected transactions - a withdrawal from your checking account and a deposit into your CC account, then that will show up as both income and expense since Quicken doesn't realize those are two sides of the same transfer. And if the payment is coming from an account outside Quicken then that's going to show up as income as well since there's no way for Quicken to know that money actually came from you and not someone else.
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Thank you very much Jon. I had the category as simply a CC payment. Changed to transfer:[acct] and that resolved the issue. Appreciate the timely reply and expert help.
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