Credit card balances
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UnoK
Member ✭
Once monthly my checking account is charged with the credit-acct balance. I introduce this amount as cost in the checking acct. and transfer this to de credit card acct. All this works, but since this is a "deposit" in the credit card acct. I would expect the credit card balance to be reduced with the corresponding amount - but it isn't, Instead the balance increases with the same amount. Why is that?
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Best Answer
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Have you been entering the charges into the credit card account?First make sure you are sorted in Date order with the newest date at the bottom. If you are not then click the DATE Column heading to sort.Sounds like you're running a credit balance. Is the balance in red or black? Look back through your transactions and maybe you'll spot one that was entered backward. Or a payment in the charge column or a charge in the payment column. Look around back where this first started happening. Or maybe you are missing some charges?If the balance is in Black, it means you have a credit on the card. Like if you overpaid the bill or got a refund for something you returned. When you enter a charge it will reduce (decrease) the credit you have available on it. And a payment will increase the balance.Also make sure you have the right starting balance. If it's zero you might need to add a beginning balance for when you started the account in Quicken.The credit card balance you OWE should be in RED. If the balance is Black then it's showing the credit card company owes you and you have a credit balance. And then when you make a payment it's like the cc owes you more. So you need to go back though your entries and find where the balance switched to black to being in your favor.See this for more info…..
I'm staying on Quicken 2013 Premier for Windows.
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Answers
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Have you been entering the charges into the credit card account?First make sure you are sorted in Date order with the newest date at the bottom. If you are not then click the DATE Column heading to sort.Sounds like you're running a credit balance. Is the balance in red or black? Look back through your transactions and maybe you'll spot one that was entered backward. Or a payment in the charge column or a charge in the payment column. Look around back where this first started happening. Or maybe you are missing some charges?If the balance is in Black, it means you have a credit on the card. Like if you overpaid the bill or got a refund for something you returned. When you enter a charge it will reduce (decrease) the credit you have available on it. And a payment will increase the balance.Also make sure you have the right starting balance. If it's zero you might need to add a beginning balance for when you started the account in Quicken.The credit card balance you OWE should be in RED. If the balance is Black then it's showing the credit card company owes you and you have a credit balance. And then when you make a payment it's like the cc owes you more. So you need to go back though your entries and find where the balance switched to black to being in your favor.See this for more info…..
I'm staying on Quicken 2013 Premier for Windows.
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Thank you, Volvogirl, for valuable information,
It seems that I screwed up by not entering charges (I lived abroad and had only e-commerce harges linked to my card in Sweden). So I had always a ”black”balance, which increased by all payments…
And you mentioned this in your reply.
thanks
Uno0
This discussion has been closed.