12-06-2005, 02:13 AM
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 Re: What is the best practice for categorizing Home Improvements? See http://umpmfaq.info/faqdb.php?q=53 and http://umpmfaq.info/faqdb.php?q=147. "Rich Staples" <richstaples[at]msn.com> wrote in message news:%23I7dqBh%23FHA.2464[at]TK2MSFTNGP15.phx.gbl... - quote - > I have the following accounts: Home (Asset), Credit Card (for Home > Improvement Store) and Checking (used to pay credit card). I download all > transactions from card accounts. > I realize that by categorizing charges to the credit card for Home > Improvements as "Transfer: Home" successfully reflects increased value to > my > home and this is needed. > When I make a payment to the credit card from my checking, I categorize > it as "Credit card Payment/Transfers" and this is in my Budget. > When I download my statement for the Credit Card account, I categorize > the credit (decrease debt) transactions the same - as "Credit card > Payment/Transfers". This obviously results in a zero value for monthy > transactions of "Credit Card Payment / Transfers". My budget is looking > at > both accounts (Checking and Credit Card). > My question is, what is the best practice to correctly account for these > transactions? I would like to use the budget to see repayment of debt > when > I pay from checking. |
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#-1
12-06-2005, 01:54 AM
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| What is the best practice for categorizing Home Improvements? Hello, I have the following accounts: Home (Asset), Credit Card (for Home Improvement Store) and Checking (used to pay credit card). I download all transactions from card accounts. I realize that by categorizing charges to the credit card for Home Improvements as "Transfer: Home" successfully reflects increased value to my home and this is needed. When I make a payment to the credit card from my checking, I categorize it as "Credit card Payment/Transfers" and this is in my Budget. When I download my statement for the Credit Card account, I categorize the credit (decrease debt) transactions the same - as "Credit card Payment/Transfers". This obviously results in a zero value for monthy transactions of "Credit Card Payment / Transfers". My budget is looking at both accounts (Checking and Credit Card). My question is, what is the best practice to correctly account for these transactions? I would like to use the budget to see repayment of debt when I pay from checking. Thank You, Rich Staples |
| Tags |
| categorizing, home, improvements, practice |
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