re category to be used on credit card account and bank account

MBZ · October 12

what categories are used to record a credit card payment from the bank? what category should be on the credit card account and what category should be used to record the transaction on the bank account?

I use windows

splasher · October 12

In the checking account use the credit card account's name as the category surrounded by square brackets, i.e. [Visa]. This will create a matching transaction in the credit card account with a category of [Checking].

This process creates what Quicken refers to as a transfer and is the proper way to record the CC payment.

NotACPA · October 12

Extending @splasher's reply.

Your use of the card, your charges, should be recorded in the credit card account. THAT's where the categories are used to reflect your purchases (i.e., your expenses)…. NOT on the payment.

When you record the payment to the card account, it's a transfer not an expense itself. If you recorded the payment as an expense, then your expenses would be doubled … once in the card account and again in the payment.

If you need to see where money is coming from, and going to, look at a Cash Flow report.

re category to be used on credit card account and bank account

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