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Credit Card Payments

I have both bank and credit card accounts on Quicken 2011.  When I make a credit card payment, it shows up as a + in expenses for my checking account.  Since my credit card payments are larger than my utility payments, I end up with a - balance in Bills & Utilities.  Credit card payments are made by electronic transfer, not paper checks.
I tried making the Credit Card payments into Transfers, but received a message that I was making a transfer into the source account, presumably the checking account.
How do I make the credit card payment into a minus in the checking account and have it show up as a plus in the credit card accounts?
    A true Quicken transfer uses the account names as the category in the transactions.  In your case the checking account transaction will reference the CC account in the category and vice versa in the CC account.  You will find the correct category to use near the bottom of the "All" categories list with the account name in square brackets, i.e. [checking].
    In Q'2011 and 2012 (might be available in other versions), you can do this easily by being in the checking account and selecting "Transfer Money" from the Account Actions drop down list.  You will then be prompted for the account to receive the transfer and the amount of the transfer.  Look at the resultant transaction and you will see what I meant by the account name in the category.
    When you create a transfer, Quicken will generate the matching transaction in the other account, a debit in one and a credit in the other.
    If you customize your reports to exclude transfers, the transactions will not be counted twice as income or expense where that might be an issue.

    If you download from the financial institution, you will want your manually entered  transactions to be in place prior to the download and then match the downloaded transactions to the existing transactions.

    • Just in case you are entering your credit card bills  the wrong way…..
      The proper way is to set up a credit card ACCOUNT and enter the charges into it when the purchase is made and assigning it to a category. Then when you pay the bill you TRANSFER the payment from your checking account to the credit card account.   Then when you download the payment from the bank you match it to the one you already entered.

      When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a this… [credit card].
    • So volvogirl, are you saying that we should disregard the "Credit Card Payment" category?  That is what I was using when entering credit card payments.
    • Tye:

      As a test, go to your checking account register and do a "Account Actions" - > "Transfer Money"
      Use the checking account as the "from" account, the credit card account as the "to" account and make the amount $1.
      Now look at the two transactions created, one in each account, pay particular attention to the category field and how each one uses the other account's name in square brackets.  That is what makes it a transfer.  Don't forget to delete the transaction, deleting one will delete the other.
    • You can have both a Credit Card Account and a credit card payment category.  They are different and separate.  You shouldn't use the category one.  You transfer your payment from the checking account to the credit card account.  And you expense (categorize) the charges in the credit card account.
    • Volvogirl, the problem I have with not using the "Credit Card Payment" category is that I now have no way to track my credit card payments in my spending graphs, for example.  When I use the category when paying my credit card, it shows up on the graph.  But when I do the transfer option, as you recommended, then it does not show up on the graph as an expense.
    But your cc payment is not the spending.  Your actual purchases are what you spent.  You set up a credit card ACCOUNT and enter all the purchases into it.  Then include the cc Account in your reports and it will capture all the expenses.
    • As a comment on splasher's answer, there is something that took me forever to understand (and that I see as a weakness in Quicken).  That is, if you use Express Web Connect to download your credit card and bank account info, and you pay the credit card directly (without Quicken) through a debit from your bank account, the payment to the credit card will appear twice.  It will appear once as a Debit in your checking account, and once as a payment in your credit card account.  This means that it will appear that you have an expense of a credit card payment in your bank account AND the actual expenses of your credit card purchases.  To me, Quicken ought to recognize this duplication and merge them into one transaction.  Alas, I had to assign the credit card debit in my bank account the category of [my credit card], which sent them over to my credit card account as splasher suggests, but then I had to delete the duplicate record of the payment from the download of my credit card statement.  Otherwise, it then appears you have two payments to your credit card when you have only one.  Only after all this did it seem correct.
    • neil1967:
      When you do the download, whether by Direct Connect, Express Web Connect or Web Connect, Quicken tries to match the downloaded transactions with the manually entered (by hand, transfer or reminder) transaction.  It isn't perfect,but if you have your preferences set to NOT automatically add the downloaded transactions to the register, you have a chance to catch those transactions that should be matched, but aren't, and by right-clicking on the downloaded transaction while it is still in the downloaded transactions tab, you can then manually match them to the existing transaction.  

      You can also do this by clicking on the "edit" button at the right for the transactions in the d/l'd transactions tab.

      There should never be a need to have a duplicate transaction entered if you do it this way and you should never have a duplicate that you need to delete.

      Hope that clarifies the situation.
    • I am doing automatic download of the CC account and my bank accounts. It works issue is that when my payment shows up on my CC in Quicken it is in the payment like it should be but it adds to the running balance instead of subtracting. The charges show up in the charge column in red with minus sign.  As stated above it is it's own account and I use the transfer method with success.  For the record Quicken for Mac 2012 does not have an all category with the [ ] like the old version. Anyway, please does anyone know why a payment would add to it and not subtract?
    • joyful1980:
      This thread is referring strictly to how to handle transfers, downloads and matching in the Windows product and does not pertain to the Mac product which handles transfers and matching differently.
      You need to start a new post since the Mac users are not going to find your question and be able to respond to it.
    Sounds like you're running a credit balance. Is the balance in red or black? Look back through your transactions and maybe you'll spot one that was entered backward. Or a payment in the charge column or a charge in the payment column. Look around back where this first started happening.  Or maybe you are missing some charges?

    Also make sure you have the right starting balance.  If it's zero you might need to add a beginning balance for when you started the account in Quicken.

    The credit card balance you OWE should be in RED. If the balance is Black then it's showing the credit card company owes you and you have a credit balance. And then when you make a payment it's like the cc owes you more. So you need to go back though your entries and find where the balance switched to black to being in your favor.

    See this for more info…..

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