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Parent Credit Card account to Bank Account?

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Thomas

05 Aug, 2024 02:58 AM

Hello,
I've been using the trial version for a few days, consolidating all our family's finances into a single pane of glass, I find it amazing and I seriously think about buying a license.
A small question however: why can't we parent a credit card account to a bank account? This would allow to use a "CC" category when performing the monthly payment to the Credit card (when the amount is debited from the bank account to which the card belongs) instead of using a tag to track the total amount of CC payments...
Thanks and regards,
Thomas

1. 1 Posted by dwg on 05 Aug, 2024 03:42 AM

   

   I'm a fellow Moneydance user.

   In parent/child accounts the accounts must all be of the same type, there is no mix and match.

   If you want to have a display of say a net amount of various accounts, or the value of a relationship with a specific institution you can look at using the Custom Balances extension.

   No matter where the two accounts were to sit in structure the method to pay off a credit card from a bank account would not change, you debit the bank account with the CC account in the category field. This is the same for a transfer between any two accounts, no matter where they are in the structure, it is the same method for transferring funds between a parent and child account.

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2. 2 Posted by Thomas on 05 Aug, 2024 05:11 AM

   

   Thank you dwg for your prompt reply!
   I understand the design, makes sense actually, using "CC" exclusively as a tag rather than category is probably better.
   I’ll assign a specific real category to each imported CC transaction and use the "CC" tag when performing the end-of-month transfer from the bank account to the CC account.
   Let’s see how this comes out end of August!
   Regards,
   Thomas

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3. System closed this discussion on 04 Nov, 2024 05:20 AM.