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Managing Credit Card charges to not duplicate transactions RRS feed

  • Question

  • Hello everyone. I want to know hot to manage credit card charges for a Credit Card Account that I have set up in MS Money. Let's supose this: I buy some clothes with credit card today (January 30th, 2012) and my Credit Card due date is on February 3rd, 2012. If I categorize the transaction as "Clothes" and I enter the date when I bought it (that would be today), I see this transaction in my budget as if it were made in the current month (January). But actually, I will pay it the following month. And when I make a the corresponding Credit Card payment, it duplicates the transaction, as if I paid twice the clothes I bought; One for January (as clothes) and one for February (as credit card payment). What am I doing wrong?
    Monday, January 30, 2012 11:49 PM

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

    The above presumes you download credit card and bank statements. If you are just entering the transaction by hand, just make the payment a Transfer to the Credit card account from the Checking account.
    Tuesday, January 31, 2012 12:10 AM
    Moderator