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how to enter charge card payments so do not show up as income RRS feed

  • Question

  • I'm using Microsoft Money (the updated version) -- I want to have a report of my 2010 expenses but my charge card payments show up as income. When I enter my charge card charges, of course I list the charges as expenses. I then list our paying off the charges in the CREDIT column. But on my report, that shows up as income -- that doesn't seem right at all. HELP! Loretta
    Tuesday, November 1, 2011 12:56 AM

All replies

  •  

    When you process the first transaction of the credit card payment,
    set the category as a transfer to the other ( credit card or bank
    account), or use the equivalent "SPECIAL Credit Card Payment"
    category.  When you process the second transaction, Money should
    match it.  Be careful to not just Accept if Money did not find the
    match on its own for some reason.  Click Change and match it to the
    transfer you already made if Money did not match it for you.  I
    would consider this the classic of the ways I like.  Note that for
    this you would *not* use the Money "EXPENSE Credit Card Payment".
    I would Delete that category.

    For existing transactions that are already accepted, convert one to
    a Transfer and Void/Delete the other.

    If you don't see the SPECIAL Transfer category at the bottom of the
    list, switch to advanced register.  One way is
    Tools->Settings->AccountSettings->DisplayAllAccountsInTheAdvancedRegister

    Tuesday, November 1, 2011 1:25 AM
    Moderator
  • You should set up a separate account for your credit card and enter all charges and refunds to the credit card in that.

    The credit card account is settled (paid off) by a transfer (not a payment) from your bank account.

    The credit card account can then be reconciled your card statement  to show which charges are not yet paid off.

    Reconciliation reveals any lost, incorrect or mistaken charges and credits to your card, provided you enter the charges and credits from your vouchers and do not just assume that anything shown on the card statement must be correct.

    Tuesday, November 1, 2011 7:47 AM
  • Need help splitting rent check!!

    Hi,

    I'm the one who pays the whole rent (only 1 check to the owner) and my girlfriend reimburses me few days later. I split this check in two (second half being my girlfriend's part), and I'm categorizing her part as "Not an Expense". But that part still displays in my spending reports!! Is there a way to "ignore" that category in the spending reports? Annoying!! It's like i'm paying twice my loan in the monthly reports.

    Thank you in advance!

    David

    Wednesday, November 23, 2011 3:01 AM
  • Need help splitting rent check!!

    Hi,

    I'm the one who pays the whole rent (only 1 check to the owner) and my girlfriend reimburses me few days later. I split this check in two (second half being my girlfriend's part), and I'm categorizing her part as "Not an Expense". But that part still displays in my spending reports!! Is there a way to "ignore" that category in the spending reports? Annoying!! It's like i'm paying twice my loan in the monthly reports.

    Thank you in advance!

    David


    See http://umpmfaq.info/faq.html#Q183
    Wednesday, November 23, 2011 3:10 AM
    Moderator