Starting CC balance, scheduled payment, budget items already paid for month
Hi, just getting started. I've watched a number of videos and read several articles about getting started and what that means with CCs. Getting started in the tail-end of the month makes this tricky and I'm not sure how to move forward. As an added complexity I had just scheduled a payment from my checking account to pay off the current balance plus pending expenses on the card.
It pulled in the existing balance (sans the pending transactions). I have a couple questions about this. Even though the transfer from my checking account to CC is scheduled for today it won't show up in either account for days. Do I manually add the transaction (transfer) today and assume the auto import will correctly identify it or manually fix when it does? And if so, how do I reconcile what will appear to be an over-payment to the CC until those additional transactions appear as cleared?
I'm assuming that I should not budget for expenses I've already paid for this month even though I'd like to carry the budget over to next month? I can't actually budget those items because I can't show that they were paid (with the CC that shows up as a lump sum).
Do people usually enter transactions manually prior to them clearing in checking/CCs so they can see actual balances in the budget on a daily basis? If I have to wait until it can auto-import it could be days before it's reflected but I also don't want to have to always remove duplicates either.
Yes, you should manually input the transfer so that it will match up correctly as a transfer upon import when it happens.
You do not need to budget for previous spending. However you do need to make sure you budget money to the credit card payment category for previous spending that you intend to pay off, because that money is not otherwise reserved to make your credit card payment.
Thank you for the reply.
For the budgeting for the CC - it automatically budgeted the amount/balance in existence when it connected. But it doesn't account for the pending transactions I've already scheduled to pay. Do I manually update the budget? When I add the payment for the full amount I wind up with an overage on the credit card account. Maybe it will reconcile automatically when the other transactions clear.