Quicken Accounting - Credit Card Transactions Reporting and Expenses

[Misc_User]

I have created and have been using the following accounts in the software.

- Cash
- Credit Card
- Bank Account

Let's say I order some food via a mobile app and pay using the credit card. Then, I'd add that payment as a "Charge" to that account. Then, If I checked the "Spending", that amount would be included under the "Food & Dining" category. So, whenever I check it, I know how much I have spent on food for a particular time period. Now, Let's assume the total for that category is "10000" including my latest credit card transaction.

Later, When I made a payment to the "Credit Card", what I'd do is deduct the amount from the "Cash" or "Bank Account" and add it as a payment to the "Credit Card" account. This is where it gets tricky and confusing for me. Let's say the payment is 5000. Now, If I checked the "Food & Dining" category in the "Spending", it would be "5000" after deducting that card payment. Now, what I see is that the money I've spent for the time period is "5000". Not "10000". And as you can see, that's not realistic.

Could anyone help me on sorting this. Please point out if there any errors in my accounting logic.


Thanks in Advance!

 

[Misc_User]

Thanks!

Bump

 

[Rankira]

Bump

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Bump

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[hodakolla]

BUMPER

 

[U-tag]

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Apps එපා වෙනවා.

 

[tclanki]

how did you setup your accounts in quicken? You need to have Expense accounts in quicken. Credit Cards, Cash Bank accounts must be created as "BANK" accounts.

If I was you, my transactions would be a General Entry or creating a bill with the relevant expense category. Imagine I brought something from KFC worth 10,000.00. So I would either enter it as a Bill or Create a General Entry crediting to my Credit Card account. When Im making a payment to my credit card, I would use Fund Transfer or another General Entry Debiting my CC and Crediting my Bank / Cash accounts.

 

[your_love]

looks like you created the accounts wrong manner