Discover Card Interest Charge not importing
I've noticed that a linked Discover Card doesn't import the interest charges at the end of each billing cycle. I started using YNAB in May 2018 and didn't notice the missed transactions until April 2019.
I've since set a reoccurring transaction each month to remind myself to manually go look at the previous statement and add the amount to YNAB.
Is there anything I need to do to make this automatically import?
Hi Marcel Wilson !
Sorry for the trouble! In your Discover account online, does the interest charge show as a separate expense? I've seen some credit accounts that deduct interest from payments. For instance, if you owe $20 in interest and make a $50 payment, the account shows a $30 payment instead. If that's the case, you can manually adjust for the interest.
However, if the interest charge shows separately in your Discover account, it should import as it's own transaction. Let me know how it shows on your end and we'll go from there! :)
For instance, if you owe $20 in interest and make a $50 payment, the account shows a $30 payment instead
If this is the case, you should record your payment as a split transaction in checking:
Net: $50 outflow (this actually shows up on your bank statement)
Split 1: $20 outflow categorized as Interest
Split 2: $30 outflow transfer to the CC account (this actually shows up on your CC statement)
The point is to create transactions that match reality in the various accounts involved. This is one situation where a separate interest transaction won't work. (I realize your scheduled transaction is merely a reminder.)
Your post suggests that you aren't reconciling this account. You would have immediately noticed a discrepancy had you done so. There are occasional glitches with importing, so periodically verifying YNAB matches the real world is highly recommended. I suggest that you reconcile at least monthly, and many people do this weekly or even daily.