How come values double when I'm entering split transaction numbers?
Best Answer
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Just in case you are doing it 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.
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 why 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 used to use Q2004 and there was 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 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
And if there are multiple categories purchased on a single credit card charge, you can split that one credit card charge to detail the items purchased each with their own category and memo/note.
I'm staying on Quicken 2013 Premier for Windows.
6
Answers
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Where are you entering it? Do you need to enter it with a minus - sign?
Are you entering your credit card transactions when you enter the payment in your bank account? There is a better way to do it.I'm staying on Quicken 2013 Premier for Windows.
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Yes, I am entering different categories from my credit card bill using split transaction. The minus sign doesn't appear to be part of this issue.0
-
Just in case you are doing it 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.
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 why 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 used to use Q2004 and there was 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 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
And if there are multiple categories purchased on a single credit card charge, you can split that one credit card charge to detail the items purchased each with their own category and memo/note.
I'm staying on Quicken 2013 Premier for Windows.
6