How do I adjust an overpayment in Quicken?

Gary K. MasseyGary K. Massey Member ✭✭✭✭
edited October 2018 in
I paid American Express $652.,98 which consisted of several purchases. That is the amount also showing in my Quicken register so that payment is ok. Then, I inadvertantly paid the same amount again a few days later.  At the time of the 2nd payment I had accumulated a total of $482.73 in purchases to American Express and that amount shows in Quicken register. My American Express statement now shows a credit of $170.25 ($452.73 minus the $652.98 Payment = -$170.25).

I am stumped as to how to adjust this in my register. In Quicken, I have to show that I made a $652.98 payment but the amount of accumulated purchases in Quicken register is only $482.73. How do I enter the $652.98 payment?

Hope my explanation makes sense.

Comments

  • TJTJ Member ✭✭✭
    edited October 2018
    What I would do is take your second payment, and make it a split transaction with one line showing a purchase of $452.73 and the second line of $170.25 (and in Memo - state it as a "Credited"). You did in fact pay out of your bank acct two payments of $652.35 each so your Quicken should balance. Next month you'll receive a bill from AMEX which will include your credit, so if you charge $200 on AMEX (with a $170.25 credit) your next AMEX bill will be $20.75 charged to the same catagory as the 452.73 and the 170.25 last month. Then AMEX will be balanced and Quicken will be balanced. Also what I do on those type of line items is annotate it with a MF112011 (MF a designator and the 112022 the date) in the memo field of the first 652 chg, the 2nd  662, the 482 line, 170.25 line and the AMEX  bill next month pmt of $20.75. Then you can do a search of MF112011 and show all the line items that are relevent to the AMEX transactions to help you see all at once to help you understand what you did!
  • volvogirlvolvogirl SuperUser ✭✭✭✭
    edited March 2017
    I don't see any problem.  You are using a separate account for the AE credit card, right?  Not just a category?  

    Just in case you are entering your credit card bills  the wrong way.....
    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. 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.

    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.


    Sooooo....you should be entering your charges into the AE Account and transferring the payments from your checking account into it.  And the balance should be right without making any adjustments.  If you paid 2 payments then you might show a credit balance instead of a balance due.  

    I still don't see what problem you are having.  I always pay more than my statement says.
  • volvogirlvolvogirl SuperUser ✭✭✭✭
    edited December 2016
    volvogirl said:

    I don't see any problem.  You are using a separate account for the AE credit card, right?  Not just a category?  

    Just in case you are entering your credit card bills  the wrong way.....
    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. 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.

    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.


    Sooooo....you should be entering your charges into the AE Account and transferring the payments from your checking account into it.  And the balance should be right without making any adjustments.  If you paid 2 payments then you might show a credit balance instead of a balance due.  

    I still don't see what problem you are having.  I always pay more than my statement says.

    It sounds to me like you must be entering your payment into your checking account and splitting out the charges.  That is wrong.  Here is some more info for you.

    I used to do it the wrong way for years!  Then I wised up and now enter them properly. I would split my credit card payment into all the categories on one transaction in my checking account. And since I always pay more than the bill I would need to figure the difference and put it to another category.  But then I needed to have them entered on the date the charges actually happened. So I finally set up a credit card account. It makes it much easier to enter and balance!

    Here's a list of some reasons you should do it this way.....
    You don't have to wait to make the payment and split it out
    You won't run out of split lines (I use Q2004 and there's only 30)
    You can use both the payee and memo fields for more description
    You don't have to figure out the difference if you pay a different amount
    Then your Credit Card Account will exactly match your statement
    Charges get entered with the right date (better at year end for taxes)
    You can enter all the charges to date, not just what's on the bill - then you can see what you still owe
    You won't forget what a charge was for if you enter it right away from the receipt
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