What we've come up with is that when recording a new credit card or loan transaction payment, you'll need 3 entries (amount paid, principal, and interest). Since your payments are expenses, if you create a principal(income/deposit) and interest(expense) sub-category for your Bills on the My Budget page, this should balance out your credit card payment when recording your payments. Then at the bottom your Expenses would show purchases+payments made and your Income/Deposits would show Income/Paychecks+Principal paid on loans and credit cards. The remaining interest would then stay in your Expenses. As a temporary workaround for now, you can create the Principal and Interest sub-categories, then when recording your credit card payment, choose the credit card category for your withdrawal only and leave the deposit blank. Then go into the deposit transaction you just created and update the principal and interest. Once we roll out the new version, we'll do most of this work for you.
04/25/2008 11:16:52
support
Administrator
Re:Credit Card Transactions/Payments
This brings up a good point. Just to make sure we understand your point:
Your expenses paid on your credit for instance come to $100 for the month which gets applied to your Budget
You then make your payment for $100 and this also gets applied as an expense towards your budget.
To resolve, this you can either not include your credit card payments in your budget by unchecking the tie to budget checkbox. Or you can create an Income Budget category. Then when you make your payment, your withdrawal from your Checking account will go towards your credit card expenses and your deposit into your credit card account will go into your Income to balance out your Budget.
It may make more sense to not include credit card payments as a part of your budget since it's not really an expense and more of a transfer from your checking account to your credit card account. We'll give this some thought and are open to any suggestions on how to handle this to make it easier to keep track of.
04/24/2008 12:59:17
Sheronda
User
Credit Card Transactions/Payments
One question that I have is: if I use my credit and debit card for all transactions and i make payments on my credit cards for these tranactions, how can i import these transactions into my budget tracker to track my expenses paid with my cards and record my credit card payments without double-dipping into my expenses by recording the credit card transactions toward my expenses and the payments on the credit card to cover the expenses paid with the cards...am I confusing you as much as I've confused myself? I don't want to double count the transactions and payments...
