How to post a credit Card Payment

Zentiger
Zentiger Member
After posting credit card purchases as expenses, how should one post the payment of the card balance.....without doubling the expenditure? Example: I log $100 in individual credit card expenses and Pay off the credit card $100. I see a debit from my bank for $100 for paying the card, but I don't want to show an additional $100 in expenses. Stupid question I guess. I have been just labeling Payment CREDIT CARD like a transfer.

Best Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Answer ✓
    Hi @Zentiger,

    So, if you've been "posting credit card purchases as expenses" you not doubt have an account (presumable a credit card account - lets call it a Visa Card account) that now contains a balance that is the total of all those purchases.  When you make a payment on that credit card (i.e. when you make the monthly payment due for that credit card account) from your bank account, in the Category" field you should be posting that credit card account name in square brackets - like this [ABC Bank Visa Card].  And this transaction will reduce that credit card account's balance by the amount of the payment.  Does that make sense?

    It sounds like you may be doing it this way, but I am not sure.  Let me know if you have any followups.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    edited August 2022 Answer ✓
    I may be wrong, but it sounds to me like the op does NOT have a credit card account, and instead has a credit card expense category? If so a credit card account needs to be set up where individual transactions can then be charged to the appropriate expense category and payments booked as transfers to the credit card account.

    Quicken Business & Personal Subscription, Windows 11 Home

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Answer ✓
    So where and how have you been entering the individual purchases?  In a separate credit card Account register?  Then if you are entering the payment in your checking account as a Transfer to the credit card account then that is right.  Are you seeing double expenses somewhere?  Where?

    I'm staying on Quicken 2013 Premier for Windows.

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Answer ✓
    Hi @Zentiger,

    So, if you've been "posting credit card purchases as expenses" you not doubt have an account (presumable a credit card account - lets call it a Visa Card account) that now contains a balance that is the total of all those purchases.  When you make a payment on that credit card (i.e. when you make the monthly payment due for that credit card account) from your bank account, in the Category" field you should be posting that credit card account name in square brackets - like this [ABC Bank Visa Card].  And this transaction will reduce that credit card account's balance by the amount of the payment.  Does that make sense?

    It sounds like you may be doing it this way, but I am not sure.  Let me know if you have any followups.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    edited August 2022 Answer ✓
    I may be wrong, but it sounds to me like the op does NOT have a credit card account, and instead has a credit card expense category? If so a credit card account needs to be set up where individual transactions can then be charged to the appropriate expense category and payments booked as transfers to the credit card account.

    Quicken Business & Personal Subscription, Windows 11 Home

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Answer ✓
    So where and how have you been entering the individual purchases?  In a separate credit card Account register?  Then if you are entering the payment in your checking account as a Transfer to the credit card account then that is right.  Are you seeing double expenses somewhere?  Where?

    I'm staying on Quicken 2013 Premier for Windows.

  • Zentiger
    Zentiger Member
    Thanks. I will look into this. Appreciate the feedback.
This discussion has been closed.