How to record credit card payment

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marta
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How to record credit card payment

Post by marta »

I just set up an my account on mmex. Trying to figure out how to record transaction of paying my credit card balance. Please help
whall3y
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Re: How to record credit card payment

Post by whall3y »

I generally do this by setting up a TRANSFER from the current account that the credit card is being paid from. It appears a WITHDRAWAL from the current account and a DEPOSIT into the Credit card account.
elisecoen
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Re: How to record credit card payment

Post by elisecoen »

Before you make a credit card or line of credit payment, reconcile the credit card or line of credit account. Then take note of how much of the debt you intend to pay, and follow these steps to make a payment to the bank or card issuer:

1. Open the register of the account from which you intend to make the payment.

You probably want to open your checking account register.

2. Click the Withdrawal tab at the bottom of the register window.

3. Click the Common Withdrawals button, choose Credit Card Payment, and then choose the name of the credit card account where you track the credit card that you want to make a payment on.

The words “Credit Card Payment” and the name of the credit card account appear in the Category box on the transaction form.

4. Enter a check number in the Number text box if the number that appears there isn’t correct.

Remember, you can click the down arrow and choose Next Check Number to enter the next available check number in the box.

5. In the Date text box, enter the date that you wrote or will write on the check.

6. Enter the amount of the check in the Amount text box.

Hopefully you can pay off the entire credit card or line of credit bill, but if you can’t, Money doesn’t care. Money continues to track what you owe from month to month.

7. If you care to, write a few descriptive words in the Memo text box.

8. Click the Enter button or press Enter.

The amount you paid is deducted from the checking account. Meanwhile, the You Owe amount in the credit card or line of credit register decreases or is brought to zero. In effect, you have transferred money from your checking account to the account where you track credit card charges.
elisecoen
Nikolay
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Re: How to record credit card payment

Post by Nikolay »

I've registered this info as Feature Request

https://github.com/moneymanagerex/money ... ssues/2720

It may be added to help pages.
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