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Categorizing credit cards for trends
Oct 30, 2009 04:43 am

[austiner]
austiner
Texas
Total posts: 2
This post is about: Quicken Online
I have my checking and credit card accounts listed in Quicken Online. I have categorized the payment out of my checking account as 'transfer out' and the payment in to my credit card as 'transfer in.' I believe this is how you are supposed to do it.

However I don't see this payment showing up on any reports, essentially I want to see incoming vs. outgoing to see if I am living within my means.

Does Quicken Online have a report to show this or do I need to use a different strategy to categorize these transactions?
thx
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[FrankiiieD]

Total posts: 6
Voted helpful: 1
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Categorizing credit cards for trends
Nov 19, 2009 07:30 am 
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This post is about: Quicken Online
I think the theory is that your "incoming" is your paychecks, interest earned, etc and your "outgoing" are all the items you spend including the items in your credit card (dining, gas, entertainment, etc).

So as an example, your incoming $1000 during the month goes against the outgoing $800 in the month (total of the various things you put on your credit card that show up as expenses as well as outgoing money from your checking account such as a debit card purchase) and that shows you are "within your means".

This example would look like this:

income : + $1000
dining : (- $200)
auto : (- $400)
entertainment : (- $200)

The idea being that those are the "more important" categories, and while you had a payment of $800 also made during that month TO the credit card to cover all those costs... you don't want it added or it would look like this:

income : + $1000
dining : (- $200)
auto : (- $400)
entertainment : (- $200)
credt card : (- $800)

(income of 1000 and outgoing of 1600 NOT living within means)

Not sure this set up works for everyone...but you can see why double covering is not mathematically sound.

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