How to handle existing credit card debt when starting out
I am just starting out and have linked my accounts to YNAB. One of those is credit card account with a balance that will not be paid off for several months. I understand how to handle any new transactions against the credit card. But what do I do with the existing balance?
Gold Rhythm said:
that payment will, as far as I can tell, be imported as a transfer
It won't import as a transfer out of the gate. If you manually enter, the subsequent match will set up a payee renaming rule to change that imported payee to be a transfer. If you don't manually enter, you'd need to edit the payee in the imported transaction to be a transfer the first time around.
Recommended practice is to manually enter all transactions and use import as an aid to reconciliation. Category balances will then not be misleading due to the unavoidable import time lag.