Re: No September posts

On 10/22/2024 9:19 PM, z wrote:
> Andrew <[email protected]> wrote:
>> On 10/21/2024 11:04 PM, z wrote:
>>> However, on the credit card Statement it will show two transactions each
>>> with a unique date of transaction (when respective item was shipped)
>>
>> In that case, assuming you're writing a single check to the credit card
>> company to cover the purchases, you should only be entering one
>> transaction for the payment as that reflect the financial reality.
>>
>> Are you using a credit card account in Quicken as well?  If so, each
>> purchase could be entered as a split transaction so each item could be
>> identified and categorized differently if need be.
>>
>> Also, your check that you write to the credit card company in that case
>> would have the category set to the name of your Quicken credit card
>> account so it would be debited to your checking account and
>> simultaneously credited to the credit card account.  As mentioned
>> above,each of the individual pieces of the credit card charge could have
>> differing categories with notations in the credit card account.
>>
>> I hope this is what you already do?
> 
> Well, no. That said, it makes perfect sense which is probably why I never
> did it. I will consider your suggestions & see if it will help me as
> opposed to how I’ve been doing it. Thanks!
> 
> Rich
> 

The key, and you might already know this but I'm only saying it since 
once you start, it's tough to 'undo' a process is the following.  Create 
an account for your credit card, and enter all the individual 
transactions within that as you go along as you purchase items using 
that card throughout the month.  You can use splits to categorize 
different types of purchases within the single transaction if need be.

For example, if I make a $30 charge at a supermarket which consists of 
$20 bananas and a $10 auto windshield fluid, I'd make the Payee the name 
of the supermarket and within that single transaction I'd create two 
split entries categorizing one as 'Food' and the other as 'Auto' (or 
whatever you wish to call them).  Your reports will be accurate as to 
the categories you are using for different types of purchases.

Thus, as you move from month to month, your credit card account will 
have the correct balance that you owe throughout.

Then, when you pay the credit card through a checking account monthly, 
enter the name of the credit card account as the payee in the checking 
account transaction.  An offset credit will be automatically entered 
into the credit account account showing that payment has been made and 
your CC balance will be lowered by that value.

To reiterate, don't make the mistake of trying to categorize the CC 
purchases within the CHECKING ACCOUNT transaction that you use as the 
payment!  Those should always by in the CC account as you move along 
during the month.

Good luck!

-- 
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Regards -

- Andrew