Has anyone tackled this problem and found a simpler solution to accurately maintaining 3 balances?

Question

Quicken for Mac: the Apple Wallet and Apple Card transactions

If you have an installment purchase with the Apple Card, a single payment from a financial institution to the Apple Card can be posted to the Credit Card Balance and/or the Installment Balance.  There is also and Apple Card Balance which equals the Credit Card Balance + Installment Balance. These balances are displayed within the Apple Wallet app.

If there is an outstanding Credit Card Balance, any payment is automatically credited to the Credit Card Balance.  If there is a zero Credit Card Balance then a payment may be credited directly to the Installment Balance.  However, that payment is posted as a credited transaction to both the Credit Card Balance and the Installment Balance.

The result of this apps behavior is that 2 credits (1 to the Credit Card Balance and 1 to the Installment Balance) are created from a single payment!

I am manually entering all transactions (I don’t download them).

I have created two accounts in Quicken, one for the Apple Card transactions and one for the Installment transactions.  To maintain 3 accurate balances (Apple Card Balance, Credit Card Balance and Installment Balance), I have to manually enter a Balance Adjustment transaction in the Apple Card account to offset installment payments to the Installment account.

Has anyone tackled this problem and found a simpler solution to accurately maintaining 3 balances?

teksnad · Answer

Thanks for your response.

Currently I can track the Apple Card Balance, Apple Credit Card Balance, and the Installment Balance in Quicken.  I don't mind the extra steps, just looking for a simpler approach with fewer extra steps.

Jon · Answer

Instead of creating an account to track the installment loan, I create a series of 12 monthly charges to the Apple Card adding the installment payment on the last day of the month. I’ve done this with several Apple purchases and it works pretty well for me. I can’t see the remaining balance on the installment plan in Quicken but I can always check the most recent statement for that if I need to know. It probably helped that the payments for those purchases mostly didn’t overlap so there was only one installment plan going at a time.