I have a new company credit card that I have set up under ‘Credit Card Accounts’ on QF. When I make a payment from my bank account to pay off the credit card, how do I tag this? Also how do I tag the money showing as coming in to my credit card account?
Hello @jlee6588
You tag the bank entry as a bank transfer to the credit card account
Once complete you will also see a new Money In transaction appear on the credit card account.
Thanks have done that. But how do I tag the payment that is already in the credit card account, for obviously the same amount.
Hello @jlee6588
Do you have a bank feed on both accounts?
When tagging a transfer you can match the transaction rather than creating a new one.
Yes, I have a feed for both. I have just tried what you said. First I removed the tag I had made from the bank to the credit card. Then tried to tag again, but the system didn’t find the transaction. I don’t really mind as there are not many repayments in a month. Would another way be to, tag as a transfer and new transaction, then just delete the existing transaction that is sitting untagged in the credit card account?
If you’re paying by direct debit then it may well be that the date your current account feed sees the money leaving is a few days before the date when your credit card feed sees the payment arrive. I think there is a setting somewhere to allow a mismatch a few days either way when tagging transfers (it splits the transfer into two parts, putting the “money in transit” onto your suspense account for the intervening time), but I would just go with your last suggestion to delete the money in transaction from the credit card feed and just let QuickFile auto create one when you tag the transfer.
Think you are right about the direct debit dates, was thinking the same as to why QF doesn’t pick up the transaction. Will go with the delete option unless Steve has another idea. Thanks
Another possibility would be to create a dummy merchant bank account for “funds in transit”, then tag all your credit card payments as transfers to or from this account as appropriate. The balance on that account would normally be zero, apart from the few days between the money leaving your current account and arriving in your credit card account.
If the transaction descriptions you get from your feeds are predictable you could even automate this with tagging rules.
Bizarrely have just logged on to tag the transaction in the current account, and the system popped up this time saying a recent matching transaction has been found in the credit card acount. No idea why this is showing now when it wasn’t earlier. No settings changed. But nice and easy.
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