|
Posted by TomYoung on February 3, 2008, 10:22 am
Please log in for more thread options On Feb 1, 8:33 pm, "peterbrightb...@earthlink.net"
> I have a Citibank Visa credit card which was closed in August of last
> year and have no access to online information for the account because
> of this, so I can't download any information about it. Neither, of
> course, do I need to track spending categories, since the card is
> closed. I do, however, want to track payments, interest charges (the
> interest rate varies between 9% and 32%) and late payment charges.
>
> My question is: should I track this closed credit card account under
> "Property & Debt Accounts" (and, if so, as a liability account or a
> loan account) or, instead, track it under the "Personal Cash Flow"
> heading as a "credit card" account?"
Since it doesn't appear that this liability is a "normal" amortizing
loan, (e.g., fixed-rate, fixed-payment), then trying to track it in a
loan account probably isn't worth the effort. The attraction of using
the loan account group of liabilities is that Quicken has amortization
features built in that make the work involved in the accounting for
"normal" loans fairly minimal.
As far as using a liability or credit card account, it really doesn't
make much difference. You'll be doing all the manual entries involved
with the pay down of the closed account in either case. The only
Quicken program differences between credit card and other liability
accounts is how they're presented in Account Balances and Net Worth
Reports and where the accounts are presented in the Account Bar.
Tom Young
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap