tag:infinitekind.tenderapp.com,2009-01-14:/discussions/general-questions/1286-how-to-record-a-credit-card-paymentInfinite Kind: Discussion 2011-07-24T19:41:29Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-14T20:51:15Z2010-03-14T20:51:17Zhow to record a credit card payment?<div><p>I create a new account of type Credit Card, I then enter all
transactions for a credit card into that account. When I pay a
credit card account I pay it from my checking account and enter the
name of the credit card account into the category field, MD then
enters a cross post and credits the credit card account with the
amount you paid, so the credit card account is automatically
paid.</p>
<p>Works well.</p>
<p>Cheers - Lawrence</p></div>lawrenceharetag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-14T23:24:19Z2010-03-15T17:59:19Zhow to record a credit card payment?<div><p>Hi Lawrence, thanks for the reply. I understand your method. One
question though - is it a transfer or check card transaction?</p></div>dax702tag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-14T23:37:48Z2010-03-14T23:37:48Zhow to record a credit card payment?<div><p>You mean when you pay the credit card bill? I just enter a
transaction. MD sees that the category matches an existing account
and does a debit/credit from the payor account to the payee.</p>
<p>Apologies if I did not understand the question.</p>
<p>All my entries in all accounts are usually just transaction. The
occasional deposit - far too few of them, and the occasional cash
withdrawal, ATM I think it is in MD. I dumped Quicken at the end of
2009 and started MD, a clean sweep, and I am very pleased with it
so far, ESPECIALLY the fact I can import qfx and ofx and all files
without jumping through hoops! But I am still discovering stuff
about MD. I wish there was a concise user guide for 2010, but in
the meantime there is the forum.</p>
<p>Cheers - Lawrence</p></div>Lawrence Haretag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-14T23:47:00Z2010-03-15T17:59:19Zhow to record a credit card payment?<div><p>Yes, I did mean when you pay the bill. Does Trn stand for
transaction or transfer?? I thought it stood for transfer because
transaction wouldn't make sense.. I think anything that comes out
of your checking account to pay a bill is either going to be a
check or a check card (CkCrd)</p>
<p>I'm doing a trial of it right now but it certainly is clean and
not overwhelming like Intuit products. I tried messing around with
the online import but all I got were java errors, so not sure how
that's all supposed to work...</p></div>dax702tag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-14T23:59:47Z2010-03-14T23:59:47Zhow to record a credit card payment?<div><p>Trn stands for transaction I believe - it's what I record the
vast majority of my transactions under. When I pay the credit card
account I enter a transaction (trn) and in the category field I put
the name of the credit card account. Over in the credit card
registry a credit appears with the category of whatever the
transferring, the crediting, account is. In my case I simply call
it checking, my wife and I have the one checking account.</p>
<p>Works very well.</p>
<p>Cheers - Lawrence</p></div>Lawrence Haretag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T00:07:30Z2010-03-15T17:59:19Zhow to record a credit card payment?<div><p>See, check it out, I knew that Trn stood for transfer and not
transaction:</p>
<p><a href=
"http://help.infinitekind.com/discussions/questions/104-transfer-funds">
http://help.infinitekind.com/discussions/questions/104-transfer-funds</a></p>
<p>A transaction can consist of a deposit, check card, check,
transfer..</p>
<p>But perhaps transfer is correct to use anyways because you're
transferring money from checking to credit card. =)</p></div>dax702tag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T02:40:57Z2010-03-15T02:40:57Zhow to record a credit card payment?<div><p>Well, whatever. Maybe Quicken has it right in this regard with
its EFT. All I am saying with "trn" is that I have a - darned if I
know what else to call it - a transaction. Quicken has a specific
transaction named "transfer" which is what you refer to, the
transfer of funds from one account to another. However when paying
a credit card I am actually doing more than a simple transfer, it
is a transaction which involves a transfer of funds from one
account to another within my own set of accounts - and it is also a
payment like any of the others.</p>
<p>It's all semantics.</p>
<p>And it works fine regardless of the fastidiousness of the terms
used.</p>
<p>I would however that I could enter just "t" to get "trn,"
instead of having to enter the first TWO characters.</p>
<p>Lawrence</p></div>Lawrence Haretag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T02:44:35Z2010-03-15T17:59:20Zhow to record a credit card payment?<div><p>Well, they refer to Trn as a transfer and CkCrd means check card
which is simply an EFT. I'm sure you could probably also select
CkCrd for credit card payments since it is just a debit from your
checking, to your credit card category.. Either way, like you said,
it works =) I just posted some other questions I haven't seen asked
regarding credit card STUFF..</p></div>dax702tag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T16:41:41Z2010-03-15T16:41:41Zhow to record a credit card payment?<div><p>Trn does indeed stand for transfer. All items in the register
are transactions. Technically when you make a payment to a credit
card it is a transfer from your asset account to a liability
account.</p>
<p>Sincerely</p>
<p>Ben Spencer</p></div>Ben Spencertag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T16:53:07Z2010-03-15T16:53:07Zhow to record a credit card payment?<div><p>Hmmm, perhaps using "xfer" might be more intuitive!</p>
<p>I use "transfer" to indicate the movement of funds amongst
accounts, but where no money actually leaves the family coffers.
CkCrd is when I use a Check Card I presume, but I rarely do, most
of my transactions go to American Express where I use the points
for travel - saves me hundreds!</p>
<p>EFT was pretty good in my opinion, and I used it for years. But
I shall, I think, continue to use trn as "transaction" as this
simply makes more sense to me. Plus, it is what I have been doing
since I started with MD in January.</p>
<p>And xfer will be represented as a trn as well, with the category
field giving the nod!</p>
<p>What would be nice is to provide a means for users to generate
their own types of transaction, with the ability to recognize terms
based on the minimum number of characters entered, so I could use
something like Electronic Funds Transfer, eft, and if I have only
the one type beginning with 'e', then all I need type is a single
character.</p>
<p>Thanks - Lawrence</p></div>Lawrence Haretag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T16:55:51Z2010-03-15T16:55:51Zhow to record a credit card payment?<div><p>Hi Laurence</p>
<p>Thanks for the feedback. If you like you can create new
transaction types yourself. When you are on the home page select
Account->Edit account.</p>
<p>Sincerely</p>
<p>Ben Spencer</p></div>Ben Spencertag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T17:23:29Z2010-03-15T17:23:33Zhow to record a credit card payment?<div><p>Mike,</p>
<p>The Transaction Type really does not do much in a Checking
Account. Don't worry if you mess it up. If you use the field it
make it meaningful to you.</p></div>Oilcantag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T17:58:18Z2010-03-15T17:59:20Zhow to record a credit card payment?<div><p>I don't see any place to edit/change the transaction types in
the edit account screen.. Are you sure about this?</p></div>dax702tag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T18:24:45Z2010-03-15T18:24:45Zhow to record a credit card payment?<div><p>You must be on the home page when you select Accounts->Edit
Account. This will bring up the properties for the root account
when you can add new transaction types.</p>
<p>Ben</p></div>Ben Spencertag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T18:36:15Z2010-03-15T18:36:15Zhow to record a credit card payment?<div><p>I don't see a way to edit the name CkCrd. So that brings up the
next question:<br>
If I delete CkCrd, and add a new one called EFT, what happens to
all the existing transactions that are of type CkCrd currently?</p>
<p>Also,, if I purchase Moneydance, can I install it on two
computers?</p></div>dax702tag:infinitekind.tenderapp.com,2009-01-14:Comment/12117712010-03-15T18:44:41Z2010-03-15T18:44:41Zhow to record a credit card payment?<div><p>You cannot edit existing check# fields on delete or create new
ones. If you delete CkCrd transaction that currently use it will
not be affected. The will still be marked with CkCrd however you
will not be able to select CkCrd for new transactions.</p>
<p>I am sorry if this does not meet your needs.</p>
<p>Yes you can install moneydance on as many computers as you liked
so long as it is for your personal use.</p>
<p>Sincerely</p>
<p>Ben Spencer</p></div>Ben Spencer