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Quicken Accounting - Credit Card Transactions Reporting and Expenses
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<blockquote data-quote="Misc_User" data-source="post: 26586694" data-attributes="member: 567646"><p>I have created and have been using the following accounts in the software.</p><p></p><p> - Cash</p><p> - Credit Card</p><p> - Bank Account</p><p></p><p>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.</p><p></p><p> 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.</p><p></p><p> Could anyone help me on sorting this. Please point out if there any errors in my accounting logic.</p><p></p><p></p><p>Thanks in Advance!</p></blockquote><p></p>
[QUOTE="Misc_User, post: 26586694, member: 567646"] 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! [/QUOTE]
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