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Credit accounts

I emailed recently just requesting some more detailed information on the "credit" type accounts. I see a little more clearly how they work but would like to suggest an improvement. When entering transactions in the credit account you put them into categories just like you'd do with your checking account. You need to be able to, when you pay off your credit card bill, to have the cc transactions now populate your checking account as expenses in those same categories and eliminate your credit account transactions. Or they could be kept there for historical purposes but the total would show as zero with some type of entry for the cc payment. If you made a partial paymt on your cc, you could decide what category the expense would come from and that transaction would show up in your checking account and it would reduce your credit account balance. What I'm trying to say is the important thing is for a credit card payment to show up in your working checking account as a category from that account and not just "credit card payment."

It's a lot easier if you just treat credit card payments as a transfer to the card from checking. Expenses stay in the card, and the checking just shows the transfer since the payment isn't an expense.

Your credit card pymt is an expense. You still want things you purchased with a credit card to show up in the various categories you've established. This way they show up on all of your cashflow reports, and such. I guess your method works if you just have a category in your budget that is "credit card charges" or something like that. I want expenditures to show up in my various categories no matter what method I used to pay for them. I used the iXpenseIt app for many years until they destroyed it with a sweeping upgrade basically starting from scratch that was horrible. They didn't have "credit accounts" so when I received and paid off my credit card bill I entered all of the charges, at once, into the software in my various expense categories. I thought MoneyWiz's credit account could streamline that process. I guess it won't, right now, hence my suggestion for an enhancement to the app.

Dan,


I understand that MoneyWiz might be working differently to what you're used to. Indeed, how Matt suggested what we encourage people to do is to register your transactions made with credit card in the credit card account in MoneyWiz. This might come in handy for a lot of reasons - for example if you need to get a refund for an item and provide the original payment method used. Was it a debit card? Was it your credit card? If we just merged your transactions over to checking account this information would be lost. True, we could provide a new data field to store this information but it'd complicate the application a bit more.


I'll note your feature request nevertheless! Just a note that you can generate Expense Categories report for your credit card account to see what you are spending your money for. The total of that report is what you need (or already did) pay to the bank. If you need to see this information on a report on its own, Cashflow report displays transfers between accounts.

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