Need work around for transfer to "Credit Card Payment"
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djb146
Member ✭✭
Quicken 2019 (Canada) isn't properly designed to handle credit card payments. A credit card payment is a transfer to another "account" and not an expense to a "category". (This is grade school level accounting.) To make matters worse, the "Credit Card Payment" is an internal category that can't be deleted, Quicken defaults all credit card payments to that category and isn't smart enough to figure out that matching (and offsetting) amounts in two different accounts is probably a single transfer. I'm looking for an effective work around or at least stop the automatic categorization to "Credit Card Payment".
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Best Answer
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Are you manually recording your credit card payment transactions before you download from the bank?
If so, are you properly creating a Transfer transaction with the name of the credit card register in the Transfer column?
That should create a proper set of transactions in both your checking and your credit card account.
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Answers
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When you enter the payment in the check register, do one of these:
1. Enable the Transfer column (menu View > Columns) and put the credit card account there. It will show as a transfer regardless of the category used., or
2. Use the built-in category "Transfer" and put the credit card account in brackets after a colon eg "Transfer:[MyCreditCard]".Quicken Mac Subscription; Quicken Mac user since the early 90s0 -
Thanks Rick. Have done both of those but there doesn’t seem to be a way to change the default behaviour (categorize as Transfer:Credit Card Payment when Quicken downloads transactions from bank. However, I will take a second look.1
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I don’t know how to make it stop auto-categorizing to the Credit Card Payment sub-category, but I do know that Transfer:Credit Card Payment is a special category that behaves the same way as the top-level Transfer category, in that it is considered neither expense or income by Quicken. It can be used in tandem with the “Transfer” column in the register so that you can create a linked transfer while also specifying that the transaction is part of a credit card payment rather than another type of transfer (checking to savings, for example). This doesn’t solve your problem, but I thought I’d throw it out there just in case as there has been some confusion about that sub-category with others.0
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Are you manually recording your credit card payment transactions before you download from the bank?
If so, are you properly creating a Transfer transaction with the name of the credit card register in the Transfer column?
That should create a proper set of transactions in both your checking and your credit card account.
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