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Credit Card Payments
when i make a credit card payment i withdrawal the amt of the payment from my primary checking acct and also withdraw that same amt from the given CC acct. so it shows as a payment (and subsequently increases my avail. credit line and reduces my balance owed).
In my Spending Limits report on CCB it shows the trans done twice (once from each acct., cking & cc), so puts me way over my spending limit for credit cards.
Am i making my CC payments wrong on CCB?
It would be ideal if every time i made a CC payment out of my primary checking acct it would automatically be deducted from the given credit card balance, but would be shown in my limits report as 1 transaction, rather than 2...
Can someone please let me know how they are doing credit card payments on CCB and how they show in your reports?
i was thinking of doing it as a transfer (from my cking to the cc acct), but like i said, in order for it to reduce your balance on a credit card you need to make a withdrawal, so transferring money from cking to cc would not work, as you would be withdrawing from your cking and depositing into your cc acct.
Heres what my limits report looks like for my cc paymts cat:
DATE AMT. ACCT. CAT DESCRIPT.
12/18/2009 -99.00 bank of amer. cc paymt bank of amer.
12/18/2009 -99.00 Chase cc paymt bank of amer.
12/13/2009 -75.00 citibank cc paymt citibank
12/13/2009 -75.00 Chase cc paymt citibank
so it is showing that i have basically made each payment twice, so shoots me way over cc payment Spending Limit.
In my Spending Limits report on CCB it shows the trans done twice (once from each acct., cking & cc), so puts me way over my spending limit for credit cards.
Am i making my CC payments wrong on CCB?
It would be ideal if every time i made a CC payment out of my primary checking acct it would automatically be deducted from the given credit card balance, but would be shown in my limits report as 1 transaction, rather than 2...
Can someone please let me know how they are doing credit card payments on CCB and how they show in your reports?
i was thinking of doing it as a transfer (from my cking to the cc acct), but like i said, in order for it to reduce your balance on a credit card you need to make a withdrawal, so transferring money from cking to cc would not work, as you would be withdrawing from your cking and depositing into your cc acct.
Heres what my limits report looks like for my cc paymts cat:
DATE AMT. ACCT. CAT DESCRIPT.
12/18/2009 -99.00 bank of amer. cc paymt bank of amer.
12/18/2009 -99.00 Chase cc paymt bank of amer.
12/13/2009 -75.00 citibank cc paymt citibank
12/13/2009 -75.00 Chase cc paymt citibank
so it is showing that i have basically made each payment twice, so shoots me way over cc payment Spending Limit.
by PHishHead
posted December 26, 2009
Hi there PHishHead, I hope the new year is finding you and yours in good health and prospering!
I have read through your post and it appears to me you adding in extra steps. It almost seems to me that you are treating your credit cards like debit cards...if you are talking about "true" credit cards and not just "Visa" or Mastercard" branded debit cards, there is no need to make two entries for one purchase. I'm totally baffled by your statement: "It would be ideal if every time I made a CC payment out of my primary checking acct it would automatically be deducted from the given credit card balance" because this is exactly how the site handles credit card payments, given that they are entered properly...
With that being said, here is how I handle my credit card transactions:
I make a purchase at the gas station using my BOA Visa for $23.00--I make an entry to my "BOA Visa" account using the "Add Transaction" function in the register. This transaction is a "withdrawal" from the "BOA Visa" account. There is no need to make any further entry at this time because BOA Visa is not going to need any payment until they send me a bill--right?
OK, I go along, making several other purchases, each one is going to be recorded as a "withdrawal" from BOA Visa. My checking account is not affected in any way by any of my transactions on the BOA Visa. If I am curious as to my overall financial standing, on the "Overviews" page, clearcheckbook.com is there to sum it up.
Let's say I continue and make a $5 purchase at McDonald's, a $20 Wal-Mart purchase, a $7 purchase at CVS and an internet payment to Amazon for $45.
The billing cycle ends and BOA Visa says I owe them $100. I go back to my "register" page on clearcheckbook.com and choose my BOA Visa account and click the green check thingy to show each transaction as described above as "jived" because BOA and I agree it is a valid transaction.
If I wish, at this point I can click on "credit card" from the register page, or I can choose to record my payment to BOA Visa as an ordinary transfer. (I will leave it up to Brandon to explain the "credit card" page here because to me it is self-evident, but it is sufficiently complex to make explaining to the "ungroked" difficult...
I am choosing to record my payment to BOA Visa as a transfer then.
THIS is the place where my checking account interacts with the BOA Visa account!
I choose "Add Transaction" I put in the date, amount and description. the "Transaction:" is going to be "transfer." The money is going to be transferred from my “checking” to “BOA Visa.”
When the payment is recorded to BOA Visa, I will click the green check-mark thingy for "jived" and when the money comes out of my checking account I will click the green check-mark thingy for that transaction in my checking.
Whew. long post. HTH
J
I have read through your post and it appears to me you adding in extra steps. It almost seems to me that you are treating your credit cards like debit cards...if you are talking about "true" credit cards and not just "Visa" or Mastercard" branded debit cards, there is no need to make two entries for one purchase. I'm totally baffled by your statement: "It would be ideal if every time I made a CC payment out of my primary checking acct it would automatically be deducted from the given credit card balance" because this is exactly how the site handles credit card payments, given that they are entered properly...
With that being said, here is how I handle my credit card transactions:
I make a purchase at the gas station using my BOA Visa for $23.00--I make an entry to my "BOA Visa" account using the "Add Transaction" function in the register. This transaction is a "withdrawal" from the "BOA Visa" account. There is no need to make any further entry at this time because BOA Visa is not going to need any payment until they send me a bill--right?
OK, I go along, making several other purchases, each one is going to be recorded as a "withdrawal" from BOA Visa. My checking account is not affected in any way by any of my transactions on the BOA Visa. If I am curious as to my overall financial standing, on the "Overviews" page, clearcheckbook.com is there to sum it up.
Let's say I continue and make a $5 purchase at McDonald's, a $20 Wal-Mart purchase, a $7 purchase at CVS and an internet payment to Amazon for $45.
The billing cycle ends and BOA Visa says I owe them $100. I go back to my "register" page on clearcheckbook.com and choose my BOA Visa account and click the green check thingy to show each transaction as described above as "jived" because BOA and I agree it is a valid transaction.
If I wish, at this point I can click on "credit card" from the register page, or I can choose to record my payment to BOA Visa as an ordinary transfer. (I will leave it up to Brandon to explain the "credit card" page here because to me it is self-evident, but it is sufficiently complex to make explaining to the "ungroked" difficult...
I am choosing to record my payment to BOA Visa as a transfer then.
THIS is the place where my checking account interacts with the BOA Visa account!
I choose "Add Transaction" I put in the date, amount and description. the "Transaction:" is going to be "transfer." The money is going to be transferred from my “checking” to “BOA Visa.”
When the payment is recorded to BOA Visa, I will click the green check-mark thingy for "jived" and when the money comes out of my checking account I will click the green check-mark thingy for that transaction in my checking.
Whew. long post. HTH
J
by jamesniem
posted January 2, 2010
ok, so when you make a CC payment you transfer money from your checking and xfer to your cc acct. thats what confuses me, as i explain in my last sentence of my thread.
if you withdraw from your checking and transfer that (deposit) into your cc acct how does that lower your cc balance if you need to withdraw $ from your cc acct when you make a payment to decrease your debt.
I am talking about true CCs, NOT my debit card. i honestly dont use my credit cards at all anymore, so the only activity on them is my payment and the monthly finance cg.
if you withdraw from your checking and transfer that (deposit) into your cc acct how does that lower your cc balance if you need to withdraw $ from your cc acct when you make a payment to decrease your debt.
I am talking about true CCs, NOT my debit card. i honestly dont use my credit cards at all anymore, so the only activity on them is my payment and the monthly finance cg.
by PHishHead
posted January 3, 2010
jamesniem, i did a trial transfer from cking to cc acct, making a mock payment. when i did so, it increased the debt on my cc, not reduced it, as a payment should do.
i did exactly as you had said, it still increases my debt in my cc acct rather than reducing it, as a payment should do....
"I am choosing to record my payment to BOA Visa as a transfer then.
THIS is the place where my checking account interacts with the BOA Visa account!
I choose "Add Transaction" I put in the date, amount and description. the "Transaction:" is going to be "transfer." The money is going to be transferred from my “checking” to “BOA Visa.”
When the payment is recorded to BOA Visa, I will click the green check-mark thingy for "jived" and when the money comes out of my checking account I will click the green check-mark thingy for that transaction in my checking."
i did exactly as you had said, it still increases my debt in my cc acct rather than reducing it, as a payment should do....
"I am choosing to record my payment to BOA Visa as a transfer then.
THIS is the place where my checking account interacts with the BOA Visa account!
I choose "Add Transaction" I put in the date, amount and description. the "Transaction:" is going to be "transfer." The money is going to be transferred from my “checking” to “BOA Visa.”
When the payment is recorded to BOA Visa, I will click the green check-mark thingy for "jived" and when the money comes out of my checking account I will click the green check-mark thingy for that transaction in my checking."
by PHishHead
posted January 3, 2010
I'm so sorry you are having trouble PHishHead. I'm not sure how to explain it any more clearly...a transfer payment from checking to a CC should reduce the balance owed on the CC and your checking account balance too.
The only think I can think of is perhaps your CC balance to recorded as a positive number. Your CC purchases should be recorded as withdrawals and the balance on the summary for your CC should have a minus sign in front of it (negative number).
HTH
The only think I can think of is perhaps your CC balance to recorded as a positive number. Your CC purchases should be recorded as withdrawals and the balance on the summary for your CC should have a minus sign in front of it (negative number).
HTH
by jamesniem
posted January 4, 2010
Wish we could edit posts Brandon!
Correction to above: The only think I can think of is perhaps your CC balance is recorded as a positive number. Your CC purchases and interest charges should be recorded as withdrawals; payments are recorded as deposits and the balance on the summary for your CC should have a minus sign in front of it (negative number).
Correction to above: The only think I can think of is perhaps your CC balance is recorded as a positive number. Your CC purchases and interest charges should be recorded as withdrawals; payments are recorded as deposits and the balance on the summary for your CC should have a minus sign in front of it (negative number).
by jamesniem
posted January 4, 2010
Ok james you just solved my problem...thank you for your help and thanks to these awesome forums to let us communiate amongst each other and help each other out.
Know what my problem was, why this was so f***ing confusing?
You said it in your second to last post of this thread
"The only think I can think of is perhaps your CC balance to recorded as a positive number. Your CC purchases should be recorded as withdrawals and the balance on the summary for your CC should have a minus sign in front of it (negative number). "
My CC bal's were positive numbers. i went through all my CCs and changed them to negatives, then made a mock payment and you are correct, that does reduce my CC debt as well as my checking acct bal.
Thank you so much for your help, i should have thought about that when i initially set up CCB.
Know what my problem was, why this was so f***ing confusing?
You said it in your second to last post of this thread
"The only think I can think of is perhaps your CC balance to recorded as a positive number. Your CC purchases should be recorded as withdrawals and the balance on the summary for your CC should have a minus sign in front of it (negative number). "
My CC bal's were positive numbers. i went through all my CCs and changed them to negatives, then made a mock payment and you are correct, that does reduce my CC debt as well as my checking acct bal.
Thank you so much for your help, i should have thought about that when i initially set up CCB.
by PHishHead
posted January 4, 2010
Glad this was figured out and sorry for not jumping in on the answer earlier. I've been away from the forums over the holidays (still responding to emails though).
Thanks jamesniem for helping resolve the issue!
Thanks jamesniem for helping resolve the issue!
by Brandon Site Admin Premium Member
posted January 4, 2010
thats what im saying brandon, these forums are so useful. i know you have a lot on your plate and cant answer every question/issue at the snap of a finger. glad to have veteran members such as jamesniem to help out. Hope you had a great holiday season brandon
by PHishHead
posted January 4, 2010
I'm glad we got it sorted out for you PHishHead...it must have seemed really crazy that your balances kept getting bigger.
Welcome back Brandon! Love the site and you need to give that Silicon Trance fellow a raise ;-)
J
Welcome back Brandon! Love the site and you need to give that Silicon Trance fellow a raise ;-)
J
by jamesniem
posted January 5, 2010
Well, I'm about to give up on this program. I've tried repeatedly to record a payment from my BofA checking account to my Mastercard credit card. I used the transfer option, and it takes it out of my Bank Account, but ADDS it to the credit card, instead of subtracting it. I've read through all these posts and tried to change the balance on the cc's to negative, but it won't take the "-". This shouldn't be this difficult. Maybe it's back to Quicken (at least I can figure it out :)
by jodyd
posted February 3, 2011
Also, the Help section says to click on "Make a Payment" to make payments on credit cards - I can't find that option anywhere.
by jodyd
posted February 3, 2011
And now I can't find anywhere to edit an account to make it a negative, and I can't find any option to add a new account. This is a very frustrating program. And I'm not an inexperienced online user -- at all.
by jodyd
posted February 3, 2011
OK, never mind - LOL. I FINALLY figured it out -- with a lot of sleuthing. In the initial setup, did anything ever mention that you should add the "balance" of a credit card as a negative. It says balance, that usually mean the balance. Oh well. Thanks for posting all this. It helped a lot.
by jodyd
posted February 3, 2011
I know this topic is old, but I've just added my credit cards as Accounts in CCB. What I did was put the available credit (a positive number) as the balance. Then any time I use the card, it's a withdrawal from that credit card ( a negative number, therefore reducing the available credit). Then when I make a transfer from my checking account to my credit card account, it increases the available credit and decreases my checking account balance. This way, I'm using Accounts as what they are. A way to see the funds you have available.
I personally think there needs to be a new Tool on this site for tracking credit cards. Right now I use Debt Snowball to track the true "balances" of my credit cards. But it would be nice to have a place that simply showed your credit card balance, limit and payment.
I personally think there needs to be a new Tool on this site for tracking credit cards. Right now I use Debt Snowball to track the true "balances" of my credit cards. But it would be nice to have a place that simply showed your credit card balance, limit and payment.
by loganjschmidt Premium Member
posted January 30, 2014