credit card accunts

[Curly1511]

HI Very new to Maxim! been using Money for many years now. Transferred all data over ok, getting the hang of accounts. But i cant seem to do a credit card account? So when you transfer money from current acc, over to credit card it pays it off? It records it as a credit. I hope someone knows what i mean as i don't feel I'm explaining myself properly. I can seem to get the transfer correct?

Also, can anyone explain the correct balance feature?

[Neill]

When paying a credit card I use the transfer out function from my bank account and make the destination the credit card

in MS Money there used to be a credit card specific payment flow I recall

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[Campbell]

Yes, the credit card account should be a negative balance, so every time you purchase something, you add a charge. When you pay off the credit card, you just create a transfer from your bank account to the credit card account, which should appear as a credit and reduce the negative balance in the credit card account.

The Correct Balance (line-in-the-sand) function allows you to state that this is the balance in an account. It's useful in a number of ways. For Investment/Loan accounts you can use it to state the current value of the account. But for banking and credit accounts it's useful as a way to reconcile the account. When you add a Correcting Balance entry, it fixes the balance at that value, effectively ignoring the balance beforehand. Any subsequent transactions will use this balance as a basis. You can then add, remove, or update any transactions before the balance correction line, and instead of the balance changing, you will see the payment/deposit change, showing you how far off the desired balance you are. This can make it easier to identify which transaction(s) are preventing you from reaching the desired amount. If you adjust the transactions before this correction balance to match the desired balance, the correction line will disappear as it is no longer required. See also in the help.

[Frelon]

Yes, the credit card account should be a negative balance, so every time you purchase something, you add a charge. When you pay off the credit card, you just create a transfer from your bank account to the credit card account, which should appear as a credit and reduce the negative balance in the credit card account.

This took me a while to get used to, but now comfortable using this concept.

Like many users I prefer to input my credit card transactions manually. I also attach a copy of the receipt for the item to the transaction, should I need to find it in the future!

When I go into my credit card balance on line, I am able to easily reconcile transactions as they appear (and mark them as such). I have used the "Correct Balance" option a couple of times, but find reconciling as I go much easier.

Same thing with bank balances!

Like most software packages MM works slightly differently, but when you get used to it, it does exactly what it says on the tin!

[Curly1511]

Yes, the credit card account should be a negative balance, so every time you purchase something, you add a charge. When you pay off the credit card, you just create a transfer from your bank account to the credit card account, which should appear as a credit and reduce the negative balance in the credit card account.

The Correct Balance (line-in-the-sand) function allows you to state that this is the balance in an account. It's useful in a number of ways. For Investment/Loan accounts you can use it to state the current value of the account. But for banking and credit accounts it's useful as a way to reconcile the account. When you add a Correcting Balance entry, it fixes the balance at that value, effectively ignoring the balance beforehand. Any subsequent transactions will use this balance as a basis. You can then add, remove, or update any transactions before the balance correction line, and instead of the balance changing, you will see the payment/deposit change, showing you how far off the desired balance you are. This can make it easier to identify which transaction(s) are preventing you from reaching the desired amount. If you adjust the transactions before this correction balance to match the desired balance, the correction line will disappear as it is no longer required. See also in the help.

Thanks everyone! I assume the Credit Card account is the "Credit Accounts" yeah??

[Campbell]

Yes.