10-04-2011, 05:51 PM
Dan,
Typically, people using Quicken (or other personal finance package - I use MoneyDance) have a separate account configured for each of their credit cards and bank accounts. Credit card transactions are entered and categorized in the credit card account. Checking transactions in the checking account. As you pay your credit card bill, rather than splitting the transaction in the checking account, you simply make the category for the payment the credit card account. A transaction is made into the credit card account for that payment.
For example:
In Checking account
10/1/11 Cash $40.00 Personal:misc
10/1/11 Paycheck $1000.00 Personal
alary
10/5/11 Credit Card $500.00 [Credit card account}
In credit card account...
10/1/11 Apple Computer $1000.00 personal:electronics and computers
10/2/11 Five Guys $19.20 personal:dining
10/2/11 Auto Insurance $150 Personal:insurance:auto
10/5/11 Payment $500.00 [Checking Account]
So, instead of doing a split in the checking account, you're actually doing the "split" categorizing in the credit card account and your payment becomes a single transaction in both accounts.
Each time you get a credit card statement, you reconcile it just like you would a checking or savings account statement.
Robert
Typically, people using Quicken (or other personal finance package - I use MoneyDance) have a separate account configured for each of their credit cards and bank accounts. Credit card transactions are entered and categorized in the credit card account. Checking transactions in the checking account. As you pay your credit card bill, rather than splitting the transaction in the checking account, you simply make the category for the payment the credit card account. A transaction is made into the credit card account for that payment.
For example:
In Checking account
10/1/11 Cash $40.00 Personal:misc
10/1/11 Paycheck $1000.00 Personal
alary10/5/11 Credit Card $500.00 [Credit card account}
In credit card account...
10/1/11 Apple Computer $1000.00 personal:electronics and computers
10/2/11 Five Guys $19.20 personal:dining
10/2/11 Auto Insurance $150 Personal:insurance:auto
10/5/11 Payment $500.00 [Checking Account]
So, instead of doing a split in the checking account, you're actually doing the "split" categorizing in the credit card account and your payment becomes a single transaction in both accounts.
Each time you get a credit card statement, you reconcile it just like you would a checking or savings account statement.
Robert