CREDIT CARD TRANSACTIONS PROBLEM

[Nigel Goss]

I am a new UK user moving from MS Money. When I enter a "purchase" on a Checking account, the transaction reduces my balance by the amount correctly, however when I enter a "purchase" on a credit card account in the same way, it is shown as crediting my account. I have found that entering the amount as a negative value ( prefix with a - sign)  corrects this problem, otherwise credit card balances would show as assets not liabilities. The transaction amount is shown under the "Charge" column. Is this how it is supposed to work or am I missing something.

Thanks

[Chris75]

Hi Nigel, MoneyLine processes the transactions on your Credit account as-is. This means that if you enter the starting balance as $100 and then you enter a purchase of $50, this will increase the Credit amount to $150 as what is increasing is your credit and not decreasing your cash.  When you purchase with a credit account you are not using your cash, rather you are increasing your credit amount.

[Ron Gaudet]

The initial transactions are all reversed. The check transaction entries add to the balance on my account, and all deposit entries reduce account balance.

[BShip]

I don't seem to see a credit card payment made in the checking account being applied to the credit card account. What am I doing wrong?

[ColoradoJon]

On 2/16/2020 at 12:43 PM, BShip said:

I don't seem to see a credit card payment made in the checking account being applied to the credit card account. What am I doing wrong?

You have to transfer from your checking account to your credit card account for this to work.