Categorization of Credit Card Spend and CC Payment

morgers

Hello all!

My first post and I am super glad I found y'all.

I have long been confused on how to track credit card payments.

Here is my current state:

I have each of my credit cards set up as an account and transactions are automatically downloaded to Simplifi. Once my transactions are downloaded, I simply categorize the spend the way I want.

Here is the real question:

When I make the credit card payment to each of the credit cards, how do I track/categorize properly?

For example, on my C1 card I show the payee as C1 and the category as Credit Card Payment.

And I see when I do this, the payment amount is green text which I assume indicates it is a credit rather than a debit to the C1 account.

Am I doing this correctly?

RobWilk

I replied to the deleted duplicate post, so I'll try again..

-Use linked transfer (the category of the transaction is the other account under "Transfer")

or

-If you use 'credit card payment' as the type of both sides of the transaction, it would work similar, but there would be no link

Coach Natalie

@morgers, here are a couple of articles that may also help. 😀

https://help.simplifimoney.com/en/articles/5142302-how-credit-card-payments-and-transfers-are-handled-in-the-spending-plan

https://help.simplifimoney.com/en/articles/3352152-how-do-transfers-work

-Coach Natalie

Flopbot

@morgers,

Looks like you’ve already received some great feedback. Just to throw in my two cents, here is a post laying out how I set up my CC’s in Simplifi. After over a year of using it, this setup still works great for me.

https://community.simplifimoney.com/discussion/3011/credit-cards-the-spending-plan

morgers

Thanks Rob! I will try the linked transfer.