MMEX Discussion Forum

So I'm trying to transition to MMEx from another software. And I've run into my first roadblock. My Credit card transactions seem to work backwards, but it's possible that I don't understand how it should work.
I start by importing some transactions from my bank via the QIF import option. but each "spending transaction" lowers the balance on my credit card rather than raising it. Like this:

Starting Balance: $1000

Transaction: Withdrawal(spending): $100.00   

Balance: $900

Transaction: Deposit(a payment): $50

Balance: $950

This is what I'm seeing on MMEx, but shouldn't this be the opposite? Shouldn't spending (a withdrawal) increase the balance on a credit card? I'm sure that I'm just not understanding how it's supposed to work. Could someone point me in the right direction?

Thanks

Hi, in MMEX a withdrawal it's when money goes out from your account (expense) and balance go down, instead a deposit it's when money goes in into your account (income) and balance raises.

MisterEck wrote:So I'm trying to transition to MMEx from another software. And I've run into my first roadblock. My Credit card transactions seem to work backwards, but it's possible that I don't understand how it should work.
I start by importing some transactions from my bank via the QIF import option. but each "spending transaction" lowers the balance on my credit card rather than raising it. Like this:

Starting Balance: $1000

Transaction: Withdrawal(spending): $100.00   

Balance: $900

Transaction: Deposit(a payment): $50

Balance: $950

This is what I'm seeing on MMEx, but shouldn't this be the opposite? Shouldn't spending (a withdrawal) increase the balance on a credit card? I'm sure that I'm just not understanding how it's supposed to work. Could someone point me in the right direction?

Thanks

In fact, the starting balance should have been taken as $ -1000. The balance would then be updated to $ - 1100 on withdrawal

From an account perspective, assets are debited (Positive balance) and liabilities are credited (Negative balance).

However, for the bank the signs would be reverse in their account books (Because amount outstanding in your credit card is an asset for them).

Thank you both for your help. I understand now, I don't know why that didn't occur to me.

Sorry it took me so long to respond, I got busy and forgot about switching. I'll give MMEx another shot now.