Credit Card as Liability not Banking?

Candice318

I would like an option to move all Credit accounts from under banking to under Liabilities. Maybe have a setting under account preferences where you can choose to show Credit under Banking or Liability a switch. I want to see my total debt (liabilities under one category).

Until a feature like this is available, does anyone know of a workaround or good way to track it? I tried switching the Account Type from Credit Card to Other Loan, but then it didn't show correctly when linked to my online credit card account.

UrsulaA

Hi, your idea is already a feature request. Vote for it below. Ideas with more votes have a greater chance of being considered.

https://community.simplifimoney.com/discussion/453/let-me-categorize-and-organize-my-accounts-list-however-i-like-edited-10-merged-votes

DannyB

Hi @Candice318

You can change your credit card accounts type to accomplish this. Web app: Settings > Accounts > Click on the 3 dot menu for the specific credit card > Edit Account in the Edit Account click on the Type field, select Liability then select the type of Liability account you want for your credit card then Save.

This will move your CCs to the Liabilities on the account list. I don’t know what impact this will have on how CC transactions are handled in the Spending Plan and Watchlists if any.

Can I ask why you want CCs listed as Liabilities? I can see doing this if someone is carrying a balance from month to month and paying it off like a loan. If you pay the full balance every billing cycle then your CCs aren’t really a liability. They are more like a checking account “in arrears”.

UrsulaA

To @DannyB 's inquiry "This will move your CCs to the Liabilities on the account list. I don’t know what impact this will have on how CC transactions are handled in the Spending Plan and Watchlists if any."

The transactions will not be visible if you flip the account type to be a liability. When you put the type to credit card back, the transactions will be listed again.

Screenshot below shows my CC treated as a liability

Candice318

@DannyB @UrsulaA Thanks for feedback! I also tried that and the transactions disappeared so flipped it back. I would love to not carry a balance and working towards that but not there yet.

UrsulaA

I am glad for you working towards not carrying a balance. Simplifi updates the balance of the card and the transactions so you can see your progress. If you want to track how much are you paying towards the credit card, you can split the transfer payment into two parts with the same category transfer:accountX. Then you can tag which part of the payment is interest and what part is card principal balance reduction.

If you choose not to split and tag the payment, then use the declining balance and interest charges as a way to motivate you to keep paying the card down. Seeing progress worked for me when I was paying down my cards. I used to carry balances, not anymore.

DannyB

@Candice318

One of the strengths of Simplifi (IMHO) is the Spending Plan. And one of the main points of the Spending Plan is to show us users just how much money we have available each month after accounting for and planning for all of our fixed or flexible expenses. As you become more and more confident that you have identified and included all your routine expenses, and that your planned spending is realistic to meet your needs, you can have greater and greater confidence in that "Available" or "Left at end of month" number for each month. This in turn will give you confidence in applying that "left at end of month to achieving your payoff of any balance carryovers.