Transferring payment from checking account to credit card increases the credit card balance?

Question

When I transfer a payment from my checking account to my credit card, it increases the credit card balance instead of decreasing it.  I just saw that credit cards should be set up as spending accounts, not credit accounts.  Will setting up the credit card as a spending account fix this?  I couldn't find a way to change the account type.  Is there a way to fix this without creating new credit card accounts?

JasonTX · Answer

The balance column was black.  I went back and found a few duplicate, uncleared payments from my checking account and deleted them.  Now. the balance column is red.  There is a $156.72 discrepancy between the online balance and the ending balance.  I wasn't able to match that amount to a particular transaction or pending transactions, but at least it is a lot closer.

This credit card account is set up as a credit account with the account intent set as "Credit."  Is that how it should be set up?

I can't find again where I saw someone actually say that credit cards should be spending accounts, but I found other mentions of credit cards as "Spending accounts" such as this:

https://info.quicken.com/win/how-do-i-add-a-spending-account-checking-savings-o

NotACPA · Answer

In the card account, what COLOR is the balance column?

Normally it should be RED, as in "you're in the red",  meaning you owe.

BUT, if it's BLACK (meaning the bank owes you), you've either:

Input everything backwards,

Lost charge/purchase transactions, or

Double posted payment transactions.

There's other explanations,  but those are the most common.

In a Q Card account, the Amount column is dangerous … because it requires that you get the +  and - signs correct.  It's much safer to use the Charge and Payment columns.

And, a credit card should be set up as a Credit card account,  which is a liability.  A spending account is an asset, which would also  explain why this is happening.

Can you provide a link to  that SERIOUSLY wrong advice that you received … so that we can get it taken down?

And, sorry, no.  You'll need to  create  actual credit card accounts and move the existing transactions to them.