Credit Card Payment

Hi, new user here. I'm tracking two credit cards through the software. What is the best way to track the monthly payment? Should I create a new "Credit Card Payment" category? That doesn't sound right. Should I "transfer" the negative transaction in my checking account? What about the positive transaction in the credit card account? How should I categorize it? Thanks in advance.

Best Answer

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Accepted Answer
    Hello @EcoTech,

    Thanks for posting!

    In regards to credit card payments, since you're able to track the individual transactions that take place in the credit card account, and categorize those accordingly, you'll want the payment transactions to be kept neutral. Simplifi offers a built-in category called "Credit Card Payment" that can be used for this. You can also link the two credit card payment transactions (the one showing the payment coming into the credit card account, and the one showing the money going out of your checking account) by using the "Transfer:[Account Name] option. Last, you can also use the category of just "Transfer". 

    Any of these options would keep the "payments" as neutral transactions, so that they're not counting against your spending funds, etc. More details regarding Transfers can be found here

    I hope that this helps, but please let me know if you have any further questions! :smile:

    -Coach Natalie
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