Credit Card Payments

TCav

I sync my credit card and categorize the transactions. When I pay the card from my checking account, I categorize the single payment as "Credit Card payments." The net effect is a doubling of my expenses; one from the card transactions and one from the checking account payment. I understand that I could split the checking account payment, but that would require manually entering the transactions. Is there a way to just "$0" out the payment coming from my checking account without attaching it to the account itself (which would throw the checking account balance off)

volvogirl

What category is on the checking account payment? “Credit card payments” sounds like a category not the credit card Account. It should not be to a category but a Transfer to the credit card account like [VISA]. You put the credit card account name in square brackets in the Category field to indicate a transfer.

To enter credit card....

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.

When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a transfer...like this… [credit card] or newer versions have a Transfer column.

volvogirl

What category is on the checking account payment? “Credit card payments” sounds like a category not the credit card Account. It should not be to a category but a Transfer to the credit card account like [VISA]. You put the credit card account name in square brackets in the Category field to indicate a transfer.

To enter credit card....

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.

When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a transfer...like this… [credit card] or newer versions have a Transfer column.

DinoMan

I have a question regarding the CC entries and reports. Why does the CC show up under Bills and Utilities on the spending report? e.g., i use my CC to buy groceries, the spending report shows the grocery expense, but also shows the CC expense for the month; seemingly doubling the reported spending. What am I not understanding?

volvogirl

How is it showing the CC expense? How are you entering the cc payment in your checking account? it should be just a Transfer to the CC Account, not to the Credit Card Payment category. To enter the payment in your checking account, you put the CC Account in square brackets like [VISA]