Category for credit card payments?

I'm puzzled how to categorize credit card payments, or do I need to create a category specifically for them? My situation is: I'm going through all my transactions, and categorizing them. I come to the last two: 1) the payment to the credit card from my checking account, and then 2) the payment on the credit card showing as an inflow.  

Taken together, those transactions equal $0.  Since Credit Card payments don't show up as a category, should I create one to record the outflow and the inflow?  Or do I simply approve both without categorizing them?

I suspect I'm missing some understanding here.

BTW, in my budget, I've budgeted money to that card, and I see the activity on it.

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  • It sounds like you are relying on imports only and not manually entering your transactions. A payment of an on budget credit card from an on budget checking account is a transfer. Transfers between two on budget accounts don't require a category. However, the import is pulling the information from the financial institutions and they don't know it's a transfer between two on budget accounts. Easiest thing to do is to manually enter your payments as transfers and then match when the imports come in. If you don't do that, you have to change the Payee on the import. Start typing To/From: and then select the correct account from the drop down. I do 100% manual entry so I'm only guessing at this part but I think once you change the payee in one account, you'll need to delete the imported transaction in the other other account in order to avoid duplicates.

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  • I think Jenmas is correct on what is going on.  My accounts would do that when it auto imported from the bank if I forgot to manually enter the payment at the time I made it. Even though the import feature is nice to have I turned turn off auto import for all my accounts and manually enter everything now. I think it makes me check in more frequently with my budget, that's a good thing.

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  • Hi Purple Saxophone !

    Here's how to correct credit card payments if they import as regular inflow/outflow transactions:

    • Click on the credit card account in the account list to view your Register.
    • Locate the imported payment and click on it.
    • Click on the Payee field and select the account the payment came from under the "Payments and Transfers" heading at the top of the list. (Don’t worry, the other side of the transfer—in the checking account—will be matched automatically.)
    • Click Save and you’re done! The payment will now be reflected in your Credit Card Payment category, and any future imported payments will be imported as transfers just as you’d expect.

    If you have any questions about importing payments—or any type of transfer—we have answers

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  • Thanks! I forgot about Transfer.  Can I also use Transfer when moving money between Checking and Savings?

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    • Purple Saxophone Yes. Transfers between Checking and Savings accounts move where your money is located. Transfers to a credit card account represent payments. :)

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