Proper "Category" for Credit Card Payments
What is the proper "Category" for a credit card payment. When the payment transaction to a bank/credit union credit card appears in the register for the credit card, of course, the "Payee" is listed as the financial institution which received the payment. What is the proper category? As all payments come from my checking account I have been listing my checking account in brackets as it is named in Quicken in the credit card register. In the checking account register for a given credit card payment I have been listing the credit card in brackets as the Category.
Is this the proper way to designate what appears in "Category" for both registers.
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Which register are you looking at? In your checking account the payment should be categorized as a s TRANSFER to the Credit Card Account. A Transfer is designated as the other account name in square brackets like [VISA]. Then in the VISA account it will be [Checking]. You only need to enter one side of the transfer. If your payments are not showing up in the Credit Card account you may be putting the payment to a category with the same name instead of the actual credit card account.
How are you entering the credit card charges? Do you have the credit card set up as an ACCOUNT?
I'm staying on Quicken 2013 Premier for Windows.
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I do have the registers as you state. Checking account register with categories having brackets (transfer) to the credit card account. Then the reverse for each credit card register with category as bracketed checking account. For charges I have the category entries setup as types of spends (household, entertainment, auto, dining, etc.)
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That is right. Then do you still have a question?
I'm staying on Quicken 2013 Premier for Windows.
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In Q, a Category is used for Income and Expense items. It's when you use your card that the expense happens.]
Were you to record the Transfer from checking to card as an expense, all of your card expenses would be doubled.
You might want to look at Q's "Cash Flow" reports to see what I think you're looking for.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
No question. Needed assurance I was entering items correctly. Thanks.
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Thanks for the tip. Will look at the cash flow reports.
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