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Old 11-09-2004, 04:31 PM
Cal Learner-- MVP
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Default Re: Credit Card Payments - Catagory To Use?

In microsoft.public.money, "Steven C" <Steven
C[at]discussions.microsoft.com> wrote:

- quote -

> I'm currently running Money 2005. The problem I'm having is with credit card
> payments. In my regular bank account anytime I make a CC payment I use
> "BILLS: Credit Card Payment" as the catagory. This works just fine...
> However, now that I can download my credit card statement with 2005 it's
> showing those payments as "income". So, when I run monthly reports it's not
> showing my true income for the month, it's showing my payroll checks plus all
> the credit card payments.
> Anyone has an idea of what category I can use in the CC account for those
> transactions? I can't count them as income since it wasn't income.


There is more than one good way to download your credit card
data and have also the payment downloaded from a checking account.
Here are two ways I like:

1. When you process the first transaction of the credit card
payment, set the category as a transfer to the other ( credit card
or bank account), or use the equivalent "SPECIAL Credit Card
Payment" category. When you process the second transaction,Money
should match it. Be careful to not just Accept if Money did not
find the match on its own for some reason. Click Change and match
it to the transfer you already made if Money did not match it for
you. I would consider this the classic of the ways I like. Note
that for this you would *not* use the Money 2005 "EXPENSE Credit
Card Payment". Instead you should consider deleting that "EXPENSE
Credit Card Payment" to avoid confusion.

2. In method 2, don't handle credit card payments as transfers or
the pre-defined "Credit Card Payment Instead create one category of
"CC payment" or some such. If you define the category as an
expense category, expect a warning when you use it to represent the
payment within the credit card account -- if you have the warning
enabled. Just click Yes in response to the warning. The category
should net at zero in reports across accounts, and you can still
customize to ignore the category if you like. use the Money 2005
"EXPENSE Credit Card Payment". For this method you *could* use
the Money 2005 "EXPENSE Credit Card Payment".

 
Old 11-09-2004, 04:29 PM
Steven C
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Posts: n/a
Default RE: Credit Card Payments - Catagory To Use?

figured it out. Needed to switch to advance register from essential...

"Steven C" wrote:

- quote -

> I'm currently running Money 2005. The problem I'm having is with credit card
> payments. In my regular bank account anytime I make a CC payment I use
> "BILLS: Credit Card Payment" as the catagory. This works just fine...
> However, now that I can download my credit card statement with 2005 it's
> showing those payments as "income". So, when I run monthly reports it's not
> showing my true income for the month, it's showing my payroll checks plus all
> the credit card payments.
> Anyone has an idea of what category I can use in the CC account for those
> transactions? I can't count them as income since it wasn't income.

  #-1  
Old 11-09-2004, 04:13 PM
Steven C
Guest
 
Posts: n/a
Default Credit Card Payments - Catagory To Use?

I'm currently running Money 2005. The problem I'm having is with credit card
payments. In my regular bank account anytime I make a CC payment I use
"BILLS: Credit Card Payment" as the catagory. This works just fine...

However, now that I can download my credit card statement with 2005 it's
showing those payments as "income". So, when I run monthly reports it's not
showing my true income for the month, it's showing my payroll checks plus all
the credit card payments.

Anyone has an idea of what category I can use in the CC account for those
transactions? I can't count them as income since it wasn't income.
 

Tags
card, catagory, credit, payments
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