Proper Categorizing Transactions/Transfers
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Dangerruss
Member ✭✭✭
My credit card transactions are categorized as an expense. I payoff my credit card with a direct transfer from my banks checking account. How should I properly categorize this payment transfer from my checking account to my credit card?
Thanks in advance... Russell
Thanks in advance... Russell
Actually running Quicken 2019 Premier R25.18
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Best Answer
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To do this properly, you should:
- Create credit card accounts (1 per card account) in Q
- Record your card transactions in those Q card accounts (THESE are the expenses)
- Transfer money from your Q checking account to the Q Card account(s). If THESE were expenses ... then you'd be double-counting the expenses.
Income and Expense transactions make you richer or poorer, respectively. A Transfer merely moves money from on pocket to another ... and because of the Transfer you're neither richer nor poorer.Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP5
Answers
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To do this properly, you should:
- Create credit card accounts (1 per card account) in Q
- Record your card transactions in those Q card accounts (THESE are the expenses)
- Transfer money from your Q checking account to the Q Card account(s). If THESE were expenses ... then you'd be double-counting the expenses.
Income and Expense transactions make you richer or poorer, respectively. A Transfer merely moves money from on pocket to another ... and because of the Transfer you're neither richer nor poorer.Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP5 -
Thanks.. #1 & 2 completed years ago. Totally understand #3. This is what I am trying to fix so I am not double counting expenses. I would like this bank transfer to my credit card not have a category assigned. How do I fix this? Thanks!!!Actually running Quicken 2019 Premier R25.180
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I'm confused. The card payment, in your checking account register, should have as the Category the name of the Card account enclosed in square brackets, e.g. [VISA].This will cause the transfer to happen in Q, and your Card balance will be reduced (moved closer to zero).What are you showing as the "category" in the checking account transaction for these payments?
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
I think I just figured it out. I mistakenly created these transfer categories instead of selecting the proper TRANSFER item from the category drop down menu. I hope that make sense... When I fix all those transfers, I'll report backActually running Quicken 2019 Premier R25.180
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FIXED!!!Actually running Quicken 2019 Premier R25.180
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Congrats. NOW, you should be able to pull out your old Card statements and Reconcile that/those card accounts.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP1
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