Questions about tracking payments to a CC as a projected expense from checking

System
System Administrator admin
edited February 4 in Bills and Income
This discussion was created from comments split from: Include Recurring 'Credit Card Payments' in credit card projected cash flow (edited).

Best Answers

  • Jrmclean
    Jrmclean Member ✭✭✭
    Answer ✓
    I have a similar question,
    I have my Credit cards linked to Simplifi and its showing the current Balance Due by each which is awesome,

    (I think there is already an Idea post to also add Credit limit and Credit remaining to display for each account? which would help alot with tracking tracking as well as a way to assign all cards to a true Credit Utilization, showing % if each Card and a grand total of total of all selected Card Credit limits/number of cards with  utilization over 0% ). 

    Another great future feature would be a DTI report (debt to income)

    But my issue is it seems to be able to track payments to the CC as a projected expense from checking, I need to manually create a recurring Bill item under my checking for each card?

    I made one for each Credit card with its due date and a Zero amount due, and see no way to link the Bill the the balance from the linked Credit card account area. 

    I then did link many of Recurring Bills for each CC to the Connect to biller, so another connection to each Credit card as a billing connection link (which only take Statement Balance or min Bal and Due date, what about current balance as the account link shows? )

    so its an addition to a connection to the Credit card account, can the 2 not carry over so have the balance due in the credit card account show as a projected expense from a payment account, like checking,

    would like to see a projected item of the Credit card account balance linking direct to a payment method for Payment, or is best apporach to create 2 links, one as the account and one as a connected Biller, or even leave a 0.00 place holder and when you know how much your paying that upcoming due date, manually key it in?

    Hope all that makes sense, paying the CC balances should be a key budgeting factor, I try and pay mine in full monthly of the current balance, not the statement balace.
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    edited January 5 Answer ✓
    Hello @Jrmclean,

    Thanks for the inquiry!

    It sounds like there may be some confusion between connecting the credit card account to the bank for transaction download and connecting the Recurring Series that you've created for the credit card bill to the Biller using Bill Connect -- connecting the account to the bank will provide you with transactions and the current balance of the account; connecting the Recurring Series (which is the credit card bill specifically) to the Biller will provide you with an updated Due Date and Amount once a new bill becomes available.

    With that being said, these are two completely separate functions. Please be sure to check out our Support Article here for more details on adding and connecting bank accounts in Simplifi, and our Support Article here for using Bill Connect in Simplifi.

    And yes, whatever account you're paying the credit card bills from is the account that you'd want to set the Recurring Series up for. And to see your credit card payments included in the Projected Cash Flow, it sounds like you'll want to follow the steps listed here to make this happen.

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

    -Coach Natalie
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