How do I categorize a credit card payment so that I don't get a double payment?

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rbuck

14 Jan, 2010 09:24 PM

Here's the problem description:
I download transactions from my Credit Card and it shows my payment, which it correctly lists as a payment to the account. Then I download transactions from my Bank account, it ALSO shows the payment to the credit card, which categorizes to the Credit Card account. Now I have (2) payments on the Credit Card account, but its the same money!

Please advise. I keep deleting one of these to keep the balances right.

  1. 1 Posted by Noname on 14 Jan, 2010 10:20 PM

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    I amend the transaction in one of the accounts to show the payment was a transfer to the other account. Then MD should see it in the other account as a dupe and ask if you want to "merge" it (which you would "accept" once you reviewed the action to confirm). The way to do this would be to select the account under "category." Just to clarify with an example: "Bank acct" pays out $100 to "CC acct". In Bank acct entry I would select "CC acct" as the category. Then, if you open "CC acct" you will see the transfer of $100 showing up from "Bank acct". When you download from your card company and the $100 payment shows up, MD should suggest merging it with the entry from "Bank acct."

  2. 2 Posted by rbuck on 14 Jan, 2010 11:27 PM

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    Ok, but how do I do this the first time? Im running MD 2010 btw, and I don't recall MD ever automatically detecting this situation and prompting me to merge them..

  3. 3 Posted by Cynthia on 15 Jan, 2010 12:45 AM

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    When I pay a credit card, can I open a "split category" in order to itemize the payments? I often have tax-related items in my credit card bill and I need to keep a record of them for tax purposes at the end of the year.

  4. 4 Posted by Noname on 15 Jan, 2010 01:40 AM

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    @rbuck, I'm not sure how MD08 handled this but I have been using 2010 and it's worked for me. Do you currently have MD set to automatically merge downloaded transactions? (Preferences > Network > Automatically Merge Downloaded Transactions) If not, I think you need to have that activated.

    At this point in time I would suggest that first, delete any duplicate transactions by hand so your register is balanced correctly. Going forward, I would download the bank account info first and set up the transfer information from there. Then when you download the cc info it should detect the payment and suggest the merge. (If you're downloading all transactions at once, then begin reconciling the bank account first to specify the transfer.)

  5. 5 Posted by rbuck on 15 Jan, 2010 01:46 AM

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    I hadn't noticed that option previously, it was NOT checked, its checked now and I'm looking forward to the next payment download so I can see if it magically fixes it :) Thanks!

  6. 6 Posted by Noname on 15 Jan, 2010 01:50 AM

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    @Cynthia -- not sure what you mean by "When I pay a credit card, can I open a "split category" in order to itemize the payments?". For each item charged to your card you can itemize it by tabbing over to the "category" field and selecting a preset (or customized) category. If you need to further categorize you can select "split" at the top of the list that pops up under "category" and itemize further.

    Hope this helps, but if this isn't what you're looking for, please restate.

  7. 7 Posted by Cynthia McTyre on 15 Jan, 2010 02:44 AM

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    You answered it. Thanks!
    Cynthia

  8. 8 Posted by Angie Rauscher on 17 Jan, 2010 12:28 AM

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    Sounds like this issue has been resolved, but please let me know if I can be of further assistance, and thank you for your interest in Moneydance.

    Angie Rauscher
    Moneydance Support

  9. 9 Posted by rbuck on 09 Feb, 2010 08:08 PM

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    This isn't working. Additionally, having this option enabled is now creating OTHER strange double transactions. I've attempted to document via screenshots, which are attached, and I've attempted to give descriptions:

    md01 - I download a transaction from my bank, this transaction occurred on my debit card. The default action Moneydance wants to do is Change the description from Fred-meyer #0375 to Fred-meyer #0040 and change the category. I don't want it to change the description, because I want to know that this was a different Fred meyer store. So, I select Revert to original description Fred-meyer #0375 and I click Accept.
    md02 - Notice, I still have the blue dot, indicating this transaction is still unconfirmed. Now, Moneydance wants to Merge Fred-meyer #0375 with Fred-meyer #0375 and category Miscellaneous. What?!?!? If i click Accept then I get double transactions.
    md03 - screenshot of the double transaction result of this stupidity.

    md04 - This shows a payment which I've downloaded from my credit card. I've already applied this payment because it was downloaded from my Checking account, it was an electronic payment. I've clicked the little arrow, this is the only action Moneydance will give me to accept.
    md05 - and here's the resulting double payment.

    This is so annoying, why am I having to make all these corrections when I am using a money management software which should KNOW what the hell is going on. I use computer software to make my life easier, not harder!

    Oh and this is with Windows version - Moneydance 2010r2 (735)

  10. 10 Posted by Ben Spencer on 10 Feb, 2010 02:31 PM

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    Hi

    If you are not running the latest build I recomend you download it from here;

    http://moneydance.com/trac/wiki/Moneydance2010Beta

    I personally prefer to merge my imported transactions by hand and not use the Automatically Merge Downloaded Transactions option.

    When you first import your cc transactions set the payment transactions category to the bank account that paid it. This will create the corresponding transaction in your bank account. Then when you import your bank transactions select the "unconfirmed" payment transaction (the one with the blue dot) then from the list of accept options at the bottom of the register select the MERGE option to merge it with the existing payment transaction.

    Sincerely

    Ben Spencer

  11. Angie Rauscher closed this discussion on 24 Jul, 2011 07:25 PM.

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