Entries for credit card

Beth's Avatar

Beth

25 Aug, 2019 07:40 PM

My credit card account is subtracting entries from the total balance rather than adding them. Everything is opposite, so if I try to make a payment to the account, it adds to the balance rather than subtract it.

  1. 1 Posted by derekkent23 on 25 Aug, 2019 08:39 PM

    derekkent23's Avatar

    I am not support staff, just a user.

    If I am reading your post correctly then Moneydance is performing correctly.
    If you spend money on your credit card to say purchase petrol then that is a CHARGE and the balance of your credit card goes more negative. When you transfer money to you credit card say from your bank account it’s a PAYMENT and your balance heads in the positive direction.
    So normally with a credit card account your in the red, a negative value.

    Hope this helps.

  2. 2 Posted by bonnie Johnson on 25 Aug, 2019 08:51 PM

    bonnie Johnson's Avatar

    Thanks for your input. I didn’t realize the values showed red when negative, so my balance was showing positive. I know I don’t have a positive balance so I was getting confused. I am so new at this, I thought I had done something to screw the program up. I just transferred over from Quicken, so I have a few things to learn. Now, I guess I have to figure out why there is a positive balance.
    Thanks again for your help!

  3. 3 Posted by -Kevin N. on 26 Aug, 2019 12:29 AM

    -Kevin N.'s Avatar

    Hi bonnie,

    Now, I guess I have to figure out why there is a positive balance.

    It is likely that you need to enter or edit the 'Initial Debt' field for the account in question so as to bring it into reconciliation with your credit card company's currently reported debt balance.

    To do so, open Moneydance to the credit card account.
    From the Moneydance menu bar, go to Account > Edit Account.
    In the resulting form, you can enter or edit the 'Initial Debt' field.

    -Kevin N. (not a member of MD support)

  4. 4 Posted by bonnie Johnson on 26 Aug, 2019 06:58 PM

    bonnie Johnson's Avatar

    Hi Kevin,
    Yes, manipulating the initial debt allowed me to get the previous balance on reconciliation to match the credit card company. My problem now is that at one point in the last year or so, my computer entered the data wrong for Quicken software and the balance became off by tens of thousands of dollars and I couldn't see any problem with my entries so had to fudge it to make it come out right. In coming over to Moneydance, I am not able to match up both the previous debt (so it matches reconciliation,) and the credit card balance. I can do only one or the other. I decided I should just open a new account, starting with the figures after this reconciliation. I have a feeling my bank statement will be the same, again due to some computer glitch. (The Quicken software was from 2004, and the computer was also very old.)

    Anyway, I really appreciate your help in this matter!
    Thank you very much
    Bonnie

  5. 5 Posted by -Kevin N. on 26 Aug, 2019 08:21 PM

    -Kevin N.'s Avatar

    Hi Bonnie,

    You're welcome.

    Fudges often do find a way of coming back to haunt you. :)

    You can mark your 'old' credit card account as 'Inactive' so as to preserve the historical data without it effecting your net worth. You do so, on the same form as the 'Initial Debt'; just tick the checkbox next to 'Inactive'.

    -Kevin N. (not a member of MD support)

  6. 6 Posted by bonnie Johnson on 26 Aug, 2019 09:47 PM

    bonnie Johnson's Avatar

    Hi Kevin,
    Ha, Ha, I guess they do eventually find you out.
     I just inactivated the account, thank you. What does “parent account” mean? It automatically filled in my checking account with my savings account as the parent account when I transferred the information from Quicken. I don’t think that is right. I don’t think my checking account is paired with any account (from my perspective).
    Thanks,
    Bonnie

  7. 7 Posted by bonnie Johnson on 26 Aug, 2019 09:49 PM

    bonnie Johnson's Avatar

    Hi again,
    I made a mistake, the parent account for my now inactive checking account had a credit card as the parent account. I don’t know why it did this.
    Bonnie

  8. 8 Posted by -Kevin N. on 26 Aug, 2019 10:32 PM

    -Kevin N.'s Avatar

    Hi Bonnie,

    In the same form as before, (MD menu bar > Account > Edit Account) you can select the 'Parent Account'.

    In most cases, the Parent Account should be the highest level account that houses all of your other accounts. The Parent Account is easily identifiable as having the same name as your data file.

    When you click open the 'Parent Account' drop-down list, simply scroll all the way up to the top of the list and select the very first account as the Parent.

    It is only in special situations that you would have something other than the highest level account as the Parent.

    -Kevin N. (not a member of MD support)

  9. 9 Posted by bonnie Johnson on 29 Aug, 2019 04:14 PM

    bonnie Johnson's Avatar

    Hi Kevin
    I see that everything you said is correct. I don’t understand why there is a category Parent Account. The top of my list is a credit card so my banking account has for the parent account my credit card. Is it just that MD uses this as a file name, a way of storing all the other files under this heading? Otherwise, obviously, the credit card has nothing to do with my bank account except that they are at the same bank, so they have the same name.

    Bonnie J

  10. 10 Posted by -Kevin N. on 29 Aug, 2019 04:48 PM

    -Kevin N.'s Avatar

    Hi Bonnie,

    If you would like to change the name of the 'all encompassing' Parent account to something more suitable. e.g. My Finances or My Accounts or whatever you like...

    Look to the following Moneydance KB article on renaming your data file:
    https://infinitekind.tenderapp.com/kb/file-locations-and-changes/re...

    -Kevin N. (not a member of MD support)

  11. 11 Posted by bonnie Johnson on 30 Aug, 2019 08:17 PM

    bonnie Johnson's Avatar

    Hi Kevin,
    Thank you very much. You have been a big help with MoneyDance. If I have more questions in the future, I might ask you again, if that is okay.
    Bonnie J

  12. 12 Posted by -Kevin N. on 30 Aug, 2019 09:13 PM

    -Kevin N.'s Avatar

    Hi Bonnie,

    You're welcome. Happy to be of help.

    -Kevin N. (not a member of MD support)

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