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Credit Card Payments not showing - throwing off balance

Jim NoelJim Noel Member ✭✭
I have Q 2018.  It appears that functionality has been introduced that changes the way CC accounts can interact with Checking Accounts since my previous version (2014).  I want to see the payments to my Credit Card company show up in my Checking Account.  Their absence is creating a problem with reconciling and my checking account balance is greatly overstated because it is not being reduced by the payments.  How can I get the payments to appear?
Any thoughts are much appreciated.

Comments

  • UKRUKR SuperUser ✭✭✭✭✭
    edited September 2018

    And how do you record your credit card payment transactions?

    The correct way would be to enter them using a Scheduled Reminder in your checking account which transfers the payment to your credit card account.

    Are you expecting Quicken to automagically do these transactions for you based 100% on downloaded data?

  • Jim NoelJim Noel Member ✭✭
    edited February 2018
    Thank you for your note.  The Bank of America, where we have our Credit Card account, monthly issues the automatic payment request (ACH) to our bank that holds our checking account.  Our checking account responds with a payment in the correct amount back to BOA.  This transaction appears in our checking account transactions and bank statements just as if we had written a check.  Over the years, this information imported into Quicken without issue and Quicken could reconcile to the bank account balance (online).  
    Going forward, I would not want Quicken to initiate the payment but would like to restore the balances to match the checking account.  What would you recommend for us?
  • UKRUKR SuperUser ✭✭✭✭✭
    edited September 2018

    You would have to set up the Scheduled Reminder I was talking about as an Online Bill Pay transaction in order for Quicken to "initiate the payment".
    A "manual" Scheduled Reminder only acts on the Quicken account registers and does not send anything to the bank.
    If you record this scheduled reminder on the day that you receive the credit card statement you will transactions in your register that, when the payment confirmations download to your checking and credit card account, Quicken will be able to match the downloaded information to the existing register transaction and not create any problems.

    For years I've paid my credit cards the same way as you do, with the credit card payment being automatically withdrawn from my checking account. And I've used a "manual" scheduled reminder to record this payment event in Quicken. That has worked without problems for me ever since I set it up this way.

  • Jim NoelJim Noel Member ✭✭
    edited February 2018
    This is very helpful.  I have gone back and read about the Reminders.  If I may, I'd like to confirm with you the settings that would be best for this scenario:

    - Reminder Type:  Would this be a Transfer Reminder as opposed to a Bill Reminder?
    - How Often:  Would you create a new reminder each month?
    - End Date:  Should this be set up for just one time use since the date and amount may change each month?
    - Automatically enter the transaction in the register? - I would think this would happen when I do the import of transactions from both accounts (not sure if the order of download is important). 

    Finally, I need to take some action on the past payments so that the Quicken balance showing for the Checking Account will match the actual bank balance and reconciling can occur.  What action would I need to take for that?

    I really appreciate your help.
  • UKRUKR SuperUser ✭✭✭✭✭
    edited September 2018

    Scheduled Reminders are also referred to as recurring reminders. They are meant to help you with your regularly scheduled recurring payments, like your credit card payment, rent, mortgage payment, utilities bills, etc. You wouldn't normally use them for one-time ad-hoc transactions.

    Set this credit payment reminder up as
    - a transfer reminder, from checking account to credit card account
    - occurs every month on the date that the credit card company debits your checking account (may be a few days before the actual payment due date)
    - has no End Date because it just keeps happening every month. When you make one payment, next month's payment reminder automatically appears.
    - set to "Remind me [xx] days in advance" where [xx] is between 21 and 28. When the credit card bill arrives record the reminder transaction with the actual amount due.
    - Amount due: Under Optional Settings there's "Estimate amount for me (change)". Click on "change)". In the popup window change "Fixed amount" to "Current credit card balance" if you always pay off the full amount due. For other variable amounts try "previous payments" (for an average amount of the last xx payments)




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  • Jim NoelJim Noel Member ✭✭
    edited February 2018
    Got it.  Truly appreciate your help!
     
    Hopefully this will now allow reconciliation to take place.  I will still need to figure out how to handle past transactions but one step at a time.
  • Mike DuncanMike Duncan Member ✭✭
    edited February 2018
    I have just discovered an issue in Q2018, which will affect what you are doing in this process you are discussing with UKR. If you use a Transfer Reminder (as was suggested) and you want to take advantage of the Estimate feature (set to Current Credit Card balance), there is a bug in Q 2018 up to & including version R5.15.  When you turn on the Estimate, it will calculate the amount of the transfer correctly, but does not REMEMBER that you want to continue to use it each month. So next month, it shows the transfer amount as the same as the previous month.

    If you choose to use a Bill Reminder, then it works correctly.  But be aware that you must be at version R5.15 (or later) since in previous versions, the Credit Card account entry was recorded as a charge and not a payment!

    I talked with Carlos at Premium Support today and we confirmed that this was an issue.  He will escalate this today.
    Regards, Mike Duncan
  • Jim NoelJim Noel Member ✭✭
    edited February 2018
    Thanks, Mike.  Sounds like the options are to either set it up as a Bill Reminder or not use the Estimate amount.  Maybe they will have a fix for this soon.
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