Reoccurring Payment between two accounts in bills

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Davislc
Davislc Member
edited October 2022 in Bills and Income
I have a credit card that I am paying down.  I have a set amount that I pay to it each month.  I want to keep track of the balance so I have the account included in my account listing.  I also want to track the monthly payment as a bill in my spending plan.  When I set up the bill as a reoccurring transaction it is also putting the credit card payment inflow into my spending plan so the two transactions net to zero. I have tried to get the positive flow transaction to ignore from spending plan, but then that ignores the outflow transaction as well.  Is there a way to alleviate this without having to remove the credit card from my accounts?
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  • DannyB
    DannyB Superuser ✭✭✭✭✭
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    Hi @Davislc

    I imagine you have the credit card set up as, well, a credit card, in which case, Simplifi will treat any payments to it as a transfer between accounts and by default ignore it in your spending plan and cause you grief as you try to work around the defaults. 

    My first though is that if you are treating this cc strictly as, in essence, a personal loan you are paying off, it seems to me you could reclassify it from a credit card to say a consumer loan.  That will change how Simplifi handles this account and you should now be able to create a new recurring bill for these payments that will show up in your Spending Plan under bills and your payments should be applied correctly to the "loan account".

    One of the coaches will come along in the next day or two and correct this if I'm wrong and other users may have a better idea of how to handle this.

    Let me know how it turns out. 


    Danny
    Simplifi user since 01/22
    ”Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
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    Hello @Davislc,

    Thanks for posting your inquiry to the Community!

    @DannyB offered some great insight, and I'd also like to offer a suggestion. It sounds like you have the Recurring Series setup as a Linked Transfer, which will show both the inflow and outflow side of the Transfer as Bills in the Spending Plan. Although it's in reference to a different topic, this comment here has some details and screenshots of how Recurring Linked Transfers are handled in the Spending Plan. 

    With that said, I personally set up my Credit Card Payment Recurring Series' using the Category of "Credit Card Payment" instead of using a Linked Transfer. Since there is no other side of the Transfer when using this option, I just see one line in my Spending Plan each month instead. I personally ignore my Recurring Credit Card Payments from the Spending Plan, however, you can totally choose to include them during the Recurring Series setup. 

    We have a Support Article available here that provides more details on how Credit Card Payments are handled in the Spending Plan, as well as a Support Article available here that goes over using Transfers in Simplifi.

    Let us know if you have any questions!

    -Coach Natalie
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