transfers, VISA payments and reconcilinh
Im a bit new here so pls bear with me!
My Chequing account budget tells me to make a Visa Payment. In my online bank account I transfer the amount from my chequeing account to my Visa. It reduces my Visa balance and notes that my current balanced is reduced by the payment amount but that the statement balance still has not recorded the payment reduction (ie it hasn't been processed). Back in YNAB I "record payment" in my Visa account. I clear the payment transfer in Chequeing and Visa (but don't think I should have done that because they haven't been processed by my bank yet?) AND in my budget it now says that I have over paid my Visa (by the exact amount I paid) and have an extra bunch of money to budget and my Visa account total doesn't reflect the reduced amount (unless i reconcile it manually).???
Hmm, in YNAB a credit card "payment" is really recorded as a "transfer" between accounts. So did you record your payment as a funds "transfer" from checking to credit card?
Of course the balance on a CC is usually negative (debt!) so transferring funds to a CC account results in a negative number getting, well, less negative. :)
It helps, too, if you have been categorizing and budgeting funds for CC transactions the whole time. I find if I overlook a transaction that's when things get out of sync.
Hi Alice Blue Sander !
When you say your Chequing budget told you to make the payment, do you mean the funds were listed in the Available column? If so, then transferring the funds from your chequing to the credit card account shouldn't have caused any overspending. If that money wasn't in the Available column, then the overspending would show in red.
When your Credit Card Payment category is red, it can take some investigating to find out why. This can happen if you didn’t budget enough for credit card spending, made a payment which created a positive balance on the card, or if you had some recent returns or refunds. Do any of those sound like they may be the case here?
since you are new, you may not know that in the first month, you need to budget for the CC balance into the CC payment category. It's because you haven't budgeted for the expenses on your CC balance in YNAB before you started YNAB (obviously!). So you need to tell YNAB how much of your CC balance is the debt you count on paying slowly and how much of it you intend to pay back in the first month. The way to do that is to budget to the YNAB payment category.
As for the balance of you CC account in YNAB, it should be affected right away if you recorded the payment as a transfer between your accounts and not just a transaction.