Link Savings account to Credit Card account |
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Hi,
How do we clear credit card balances at the end of every month?
For example, Lets assume at the start of the month, I start with $1000 in my savings account. In that month I just had a single expense of $400 paid with my credit card. And at the end of the month I pay off the credit card dues from my savings account. How do I show that my credit card balance is zero instead of -$400 and my savings account balance as $600??
I apologize if this query has been already answered. I tried searching thru the Message Board for the solution.
Many thanks,
Jaseer
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Is there a solution??
Jaseer
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Yes, the way things are now, this is a problem. But we'll fix it. I think the fix would be to add something like a transfer from one account to another. Btw... this is also in the works.
The only workaround is to enter a $400 payment in your credit card account and then reduce the bank balance by the same amount... yes, that is an ugly workaround!
Very sorry that I did not reply to this... there was no intention to ignore you, some how this message just got lost...
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Hi..
No issues. I thought you must be working on it. :)
I did think of the method you mentioned above. The drawback is that although the balances will match, your expenses will be double counted. I even tried adding negative income to the savings account to see if that works. Unfortunately you can't add negative amounts as income.
Transfer between two accounts would be a great idea!!
Jaseer
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We rolled out the Transfer functionality last week. You see this button to transfer an amount from 1 bank account to another. This transferred amount does not get listed as an expense or income in any reports.
For Credit Card Accounts, we'll implement a similar 'Make a Payment' functionality soon.
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Hi..
The transfer functionality works great!! I am eagerly waiting for Make a Payment functionality. Right now my bank balance is huge and so is the negative balance in the credit card.. :)
Jaseer
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