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Posted by sharx35 on August 24, 2007, 4:41 am
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> wrote:
>
>>lanman wrote:
>>> wrote:
>>>
>>>>> lanman wrote:
>>>>>> In the 2008 version, does anyone know if the split transaction line
>>>>>> items are still limited to 30? That limitation prevents me from
>>>>>> entering the credit card detail I want. Thanks...
>>>>> Google the archives ("quicken credit card payments split") on how to
>>>>> enter
>>>>> credit card transactions and a *single* credit card payment. If you
>>>>> think
>>>>> you should be entering every one of the transactions when you pay your
>>>>> credit card bill, you might not be understanding how to enter credit
>>>>> card
>>>>> payments.
>>>>>
>>>>> One post from the past is (and I am quoting someone else here) "[*]
>>>>> I'm
>>>>> assuming you know that the "right" way to do this is create a credit
>>>>> card
>>>>> account and enter all your purchases in the credit card register; then
>>>>> a
>>>>> payment is a simple transfer from your checking account to the credit
>>>>> card
>>>>> account--one item! :) "
>>>>
>>>> Yes, that is PRECISELY the proper way to do it.
>>>>
>>>
>>> What I've always done is take my credit card statements when they
>>> arrive in the mail, and at that time categorize each transaction in
>>> Quicken. I separate any inadvertant business purchases put on a
>>> personal credit card, and I track my wife's spending vs. my own
>>> because we each pay for our own purchases.
>>>
>>> This has only become a problem for me in the last year or so since
>>> more and more small merchants are accepting credit cards, e.g.
>>> McDonalds's, etc. I put everything I can on a credit card because it
>>> allows me to better see where the money is being spent, and I get cash
>>> back on most of my cards.
>>>
>>> Using your method, would I not have to enter each credit card
>>> transaction in the Quicken credit card account(s) as they occur. If
>>> so, I prefer to do it all at once when my statement arrives. I also
>>> don't do downloads from my bank because years ago my checking account
>>> got hopelessly messed up with online downloads and I never could
>>> straignten it out. I eventually had to force a balancing transaction.
>>> Thanks again...
>>>
>>
>>Apparently you want to enter in one single Quicken transaction all the
>>individual transactions on your monthly credit card statement. If that
>>is not correct, let us know.
>>
>
> That is correct. For example, I use an AMEX for clothing, dining,
> travel, entertainment, household items, and even groceries at times.
> When my bill arrives, I used to create a single transaction to pay
> AMEX via online bill pay with my bank, and I enter each charge on the
> statement using the split transaction feature which allows me to
> categorize each item and include a note about the purchase.
>
> The problem is I use my credit cards more frequently now because
> they're accepted at more places, and I now exceed more than 30
> purchases per billing cycle. Now I like being able to use a credit
> card for smaller purchases because it allows me to track purchases
> that I would have previously paid for using cash and then lost track
> of, but...if there are more than 30 purchases, I have to stop after 30
> and create another transaction. I hope this makes sense.
>
>>If it is so, you are missing out being able to categorize your Quicken
>>transaction so as to be able to track expenses in any detail.
>
> I am able to do this using the split transaction feature as mentioned
> above.
>
> E.g. you
>>buy several items at Home Depot, some items for capital improvements for
>>your house and some others for general house cleaning. In that case you
>>would enter a single split transaction matching the Home Depot
>>transaction with part of the purchase categorized as Capital
>>Improvements and the rest categorized as Home:supplies. With your
>>method, my understanding is that the entire Home Depot purchase would be
>>one entry with a single category in a split transaction.
>>
>>Putting all your monthly credit card transactions in a single Quicken
>>mega-transaction gives every credit card transaction the same date.
>>Unless you and your wife use your credit card only one day a month, the
>> Quicken transaction date would not match the credit card transaction
>>dates.
>>
>
> This has never been a problem. Even for tax purposes, what matters is
> when the purchase was paid, not when it was made.
The purchase was PAID for the second that the cashier swiped your credit
card..NOT when you eventually paid your credit card bill, probably several
weeks later.
>
>>Another thing you miss out on by entering your credit card statement
>>mega-transaction directly from the statement (or downloading them is the
>>ability to check (via Reconcile) that your credit card company billed
>>you for only the transactions you or your wife actually made. If you
>>trust your credit card company to make no errors, and no one else used
>>your credit card number, then no problem. Otherwise, you should keep
>>receipts of both purchases and returns and enter the individual
>>transactions from your receipts without benefit of the statement. Then,
>>when it arrives, reconcile the statement.
>>
>
> I scrutinize each purchase on my statement to ensure it is legitimate
> and challenge anything I don't recoznize. I don't however, check the
> exact amount of what I signed for vs what shows up in my statement. So
> I could lose out here due to fraud or error. If an amount looks
> suspicious, then I'll dig for the receipt.
>
>>A great way to track who spends what via credit card is to open a second
>>credit card account. You use one and your wife uses the other. My wife
>>and I have separate credit cards accounts and separate bank accounts in
>>our individual names. That works just fine.
Why get married? Marriage is a union of ALL aspects of you life, including
the financial ones. If you can't or won't merge the financial aspects, you
need to get counselling. More marital breakups are over money than ANYTHING
else, even sex.
>>
>
> I do this too, but sometimes things inadvertantly get charged to the
> wrong card and if so, I can categorize it correctly when entering the
> details into Quicken via the split transaction.
>
>
>>To help answer your question, no, I don't know anything about the split
>>transaction line limit in Quicken 2008.
>>
>
> Thanks for your (and others) thoughtful responses. BTW, I'm going to
> set up an account for one of my credit cards to see if I like it
> better. I'll give an update at a later date. Regards...
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