Dealing with credit card balance transfers

Hi

I have just taken a loan on my credit card which has transferred money to by bank account but I'm not sure how to code it in YNAB and all my credit card balances have gone weird.

 

Transaction 1:  

On Credit Card I have the £4000 transaction showing as an Outflow.  Which category should I assign this to?

Transaction 2:

Money coming into my bank account - I have this as ready to assign

Transaction 3:

The money going out again to the supplier (home maintenance budget category).  I have assigned the £4000 to that budget category

as a debt on my account - which category does this go to?  Should the credit card balance on my budget show £4000

2nd question:  What should my credit card balance be on my budget?  Should I just set it each month to the amount I am going to pay?

 

Thank you

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  • There are two different transactions that need to happen. First is to move the money from your credit card to the checking account. Then, you need to assign the money to the appropriate category.

    Move money - In your credit card account, choose the Payee "Transfer to Bank Account" and show an outflow of $4000 (i don't have pounds on my keyboard). That will increase the balance on your credit card to $4000 and move the cash to your bank account. 

    Budget money - Now you can budget the $4000 to your home maintenance.

    Pay supplier - Make a transaction in your bank account to pay the supplier with the category of home maintenance.

    That should balance everything out.

    Like 1
  • Hi, there! Follow MadDog's directions to get those transactions into YNAB correctly. If you need help with this, we'd be happy to! You can get in touch from the app.

    When it comes to paying the cash advance back, I suggest you set a Pay Off Balance By Date Target in your Credit Card Payment category to prompt you to assign a certain amount every month for ongoing payments. :) 

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  • Hi

     

    I think what is confusing me is I have two transactions.  One in my bank account and one on my credit card.  So do I treat one as a duplicate and make it a transfer.  This does mean that my budget doesn't show the amount owed on the credit card.


    Thanks

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      • nolesrule
      • Stealing From the Future fix is an improvement but is incomplete....
      • nolesrule
      • 2 wk ago
      • Reported - view

      Gray Violin urn one transaction into a transfer between the accounts. then go to the other account and delete the extra transaction.

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  • Although I should say that although the budget doesn't show the debt, the balance on the credit card is correct

    Like
      • nolesrule
      • Stealing From the Future fix is an improvement but is incomplete....
      • nolesrule
      • 2 wk ago
      • Reported - view

      Gray Violin any balance on the credit card that exceeds the amount of money you have available for payment in the credit card category is the outstanding debt on the card.

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