Credit account problem
My data imported, but my payment of $50 was actually $37.22 because of interest charges of $12.78, but Moneydance shows the $12.78 as if it were a payment and deducts it from the balance which is incorrect. How do I correct this issue? I had the same problem with Quicken but never addressed it. Since I'm starting over, i would like to resolve this issue if I can. Please advise.
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1 Posted by -Kevin N. on Oct 28, 2013 @ 05:35 PM
Hi Rodney,
Will entering the txn as a split txn work?
I generally enter the payment to the Credit Card account ahead of time through the use of a Reminder.
When the payment txn downloads, I Merge it with the already-entered payment txn.
-Kevin N.
2 Posted by -Kevin N. on Oct 28, 2013 @ 05:59 PM
Hi Rodney,
Scratch that last idea. I don't carry interest on my Credit Cards so I'm having a little trouble coming up with a viable solution.
I still think that the solution lies with a split txn.
Q. Does the payment download into the Credit Card account as two separate txns? The actual payment amount ($37.22) as one txn and the interest ($12.78) as another?
If so, then entering a txn in the paying account (e.g. Checking) as a split txn per the attached screenshot should work.
The one issue that I see with this method is that the interest is not being assigned a Category.
The Interest paid could still be tracked by generating a report based on the Description 'Interest on Credit'.
Sorry that I can't think of a more elegant solution. Perhaps another user who does carry interest on their Credit Card can chime in on how they handle it.
-Kevin N.
3 Posted by blackbullet on Oct 28, 2013 @ 11:36 PM
Yes my single payment downloaded as two txns, $37.22 and $12.78. I will try to split them as you suggested. I had the same problem with quicken. I just changed the interest payment to $0.00. That fixed the total, but as you said, now I have no accountability/tracking of the interest payments. Thanks for the quick response. I'm new to moneydance, but so far I like it. A little different from what I'm used to, but I'll adjust. Thanks again.<br /> Rodney<br /><br /><br />Sent from Xfinity Connect Mobile App
System closed this discussion on Mar 31, 2015 @ 04:06 PM.