Parent Credit Card account to Bank Account?
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
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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.
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