I've setup a credit card account with an opening balance of 1,000. And now I'm entering an expense transaction in it. Instead of increasing my credit card balance, it reduces it.
How am I supposed to record expense into my credit card account that has an opening balance. I think it works fine when there is no opening balance set for the credit card.
the way it works is as follows.
Example: A credit card with Credit limit of $1000 that hasn't been used so far.
In MoneyWiz 2, you need to enter this card the following way:
Credit Limit: 1000
Opening Balance: 0
This is because you haven't used any funds on the card, so the balance is 0.
If you used say, $100 from your card, then the opening balance will be -100.
I hope this helps.
Actually there is no problem at all to do instalments in MoneyWiz. To do this, go to the Scheduled section/menu, and tap the button on the bottom right of the corner. Then you will be presented with options to create a scheduled/recurring Expense, Income or Transfer.
The instalment should be a scheduled expense. You can set set any repeat period, start date, number of repeats and amount. If the amount varies each month, you can leave the amount field empty, and when that payment is due, you MoneyWiz will ask you to specify the amount for that particular payment.
I understand that this might not be the most comfortable way of doing this but I would like to assure you that we are already working on making this much easier. In MoneyWiz 2.0 that is coming at the end of this year, we will include features that will enable you to deal with instalments much more efficiently.
I'll lock this topic as the main question was answered. If you need further help, please e-mail us at email@example.com :)