Credit Card Calculations

cpv1's Avatar

cpv1

20 Jun, 2020 12:34 AM

Hello:

  After I set up my credit card account in Moneydance and import the data from my bank, It reflects the payments I make to my visa by adding to my balance and it subtracts my visa charges from the balance totals. Backward and not sure how to fix this. You help is greatly appreciated.

  1. 1 Posted by dwg on 20 Jun, 2020 01:41 AM

    dwg's Avatar

    I'm a fellow user.

    The balance of a credit card account is expected to be negative i.e. you owe the money. Hence when you buy products/services with the card it is expect to increase the negative balance. When you make payments is is expected to decrease the negative balance. If you were to have a positive balance in a credit card then the effect would be opposite, and it sounds like this is what is happening in your case.

    Did you set an initial balance? Did you perhaps set it as a positive amount?

  2. 2 Posted by cpv1 on 20 Jun, 2020 04:57 PM

    cpv1's Avatar

    Thank you DWG. That worked.

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