How do I reconcile tranfers and credit card payments?

Using Essentials 2007.

I've created the accounts, and imported the transactions.  I've categorised 
each transaction corretly, but Credit Card Payments/Transfers is the largest 
category, when in fact this is not an expense, they are transfers.

How do I tie up these transactions with the accounts I've set up?

Cheers.
0
mulhall (6)
8/16/2006 10:53:01 AM
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See http://umpmfaq.info/faqdb.php?q=167.

"mulhall" <mulhall@discussions.microsoft.com> wrote in message 
news:90627CD7-B813-48DF-802B-F72C102DCABF@microsoft.com...
> Using Essentials 2007.
>
> I've created the accounts, and imported the transactions.  I've 
> categorised
> each transaction corretly, but Credit Card Payments/Transfers is the 
> largest
> category, when in fact this is not an expense, they are transfers.
>
> How do I tie up these transactions with the accounts I've set up?
>
> Cheers. 


0
8/16/2006 12:38:35 PM
Oh, I didn't note Essentials. The Special Categories Transfer and/or Credit 
Card Payment may not be available in Essentials. By all accounts, 
Microsoft's idea of Essentials is pretty essential--i.e., mostly for 
show--and not necessarily useful for personal financial management. I 
haven't used Essentials.

"mulhall" <mulhall@discussions.microsoft.com> wrote in message 
news:90627CD7-B813-48DF-802B-F72C102DCABF@microsoft.com...
> Using Essentials 2007.
>
> I've created the accounts, and imported the transactions.  I've 
> categorised
> each transaction corretly, but Credit Card Payments/Transfers is the 
> largest
> category, when in fact this is not an expense, they are transfers.
>
> How do I tie up these transactions with the accounts I've set up?
>
> Cheers. 


0
8/16/2006 12:41:43 PM
Thanks for replying.

Doesn't this link merely describe the problem, rather than provide a solution?


"Dick Watson" wrote:

> See http://umpmfaq.info/faqdb.php?q=167.
> 
> "mulhall" <mulhall@discussions.microsoft.com> wrote in message 
> news:90627CD7-B813-48DF-802B-F72C102DCABF@microsoft.com...
> > Using Essentials 2007.
> >
> > I've created the accounts, and imported the transactions.  I've 
> > categorised
> > each transaction corretly, but Credit Card Payments/Transfers is the 
> > largest
> > category, when in fact this is not an expense, they are transfers.
> >
> > How do I tie up these transactions with the accounts I've set up?
> >
> > Cheers. 
> 
> 
> 
0
mulhall (6)
8/16/2006 12:55:02 PM
In microsoft.public.money, mulhall wrote:

>Using Essentials 2007.
>
>I've created the accounts, and imported the transactions.  I've categorised 
>each transaction corretly, but Credit Card Payments/Transfers is the largest 
>category, when in fact this is not an expense, they are transfers.
>
>How do I tie up these transactions with the accounts I've set up?

With Deluxe Money and above, there is more than one good way to
download your credit card data and have also the payment downloaded
from a checking account.

In Essentials way #1 may not be available to you. #2 may be. Let us
know, in that we know Deluxe, etc.

Here are two ways I like for Deluxe and above:

1.  When you process the first transaction of the credit card
payment, set the category as a transfer to the other ( credit card
or bank account), or use the equivalent "SPECIAL Credit Card
Payment" category.  When you process the second transaction,Money
should match it.  Be careful to not just Accept if Money did not
find the match on its own for some reason.  Click Change and match
it to the transfer you already made if Money did not match it for
you.  I would consider this the classic of the ways I like.  Note
that for this you would *not* use the Money "EXPENSE Credit Card
Payment".  I would Delete that category if using this method.

2.  In method 2, don't handle credit card payments as transfers or
the pre-defined "Credit Card Payment Instead create one category of
"CC payment" or some such.  If you define the category as an
expense category, expect a warning when you use it to represent the
payment within the credit card account -- if you have the warning
enabled.  Just click Yes in response to the warning.  The category
should net at zero in reports across accounts, and you can still
customize to ignore the category if you like.  For this method you
could use the Money "EXPENSE Credit Card Payment".
0
via_newsgroup (13113)
8/16/2006 1:15:02 PM
Be warned - I am a newbie with MS Money.



What do you mean "Be careful to not just Accept if Money did not
> find the match on its own for some reason"?  When am I given a choice to accept something?

"Cal Learner-- MVP" wrote:

> 
> 1.  When you process the first transaction of the credit card
> payment, 

What do you mean "process the first transaction of the credit card?

set the category as a transfer to the other ( credit card
> or bank account), or use the equivalent "SPECIAL Credit Card
> Payment" category.  

Is this a literal category?  I only see "Credit Card Payment\Transfer" I 
don't see anything beginning with SPECIAL.

When you process the second transaction,Money
> should match it.  Be careful to not just Accept if Money did not
> find the match on its own for some reason.  Click Change and match
> it to the transfer you already made if Money did not match it for
> you.  

What do you mean Accept or Change?  When are these options presented?

I would consider this the classic of the ways I like.  Note
> that for this you would *not* use the Money "EXPENSE Credit Card
> Payment".  I would Delete that category if using this method.

How does one delete a category?

> 2.  In method 2, don't handle credit card payments as transfers or
> the pre-defined "Credit Card Payment Instead create one category of
> "CC payment" or some such.  If you define the category as an
> expense category, expect a warning when you use it to represent the
> payment within the credit card account -- if you have the warning
> enabled.  Just click Yes in response to the warning.  The category
> should net at zero in reports across accounts, and you can still
> customize to ignore the category if you like.  For this method you
> could use the Money "EXPENSE Credit Card Payment".

How do I create/define a category? I think I understand you, but why are you 
saying don't use the 'Credit Card Payment/Transfer' category and then say do 
use it.
0
mulhall (6)
8/16/2006 2:35:02 PM
In microsoft.public.money, mulhall wrote:

>Be warned - I am a newbie with MS Money.
>
>
>
>What do you mean "Be careful to not just Accept if Money did not
>> find the match on its own for some reason"?  When am I given a choice to accept something?

In Deluxe and above, if you go to
Tools->Settings->OnlineServiceSettings there is a setting for
AutomaticallyAcceptAllDownloadedTransactionsFromBankingStatements
that is, I think, cleared by default. If that is set, the
transactions stay bold in the register before you accept them. When
you click one of the bold transactions, there is an Accept button.

>
>"Cal Learner-- MVP" wrote:
>
>> 
>> 1.  When you process the first transaction of the credit card
>> payment, 
>
>What do you mean "process the first transaction of the credit card?

If I make a payment from the checking account to the credit card
company, and if I download from both institutions, I expect to see
both sides of the payment get downloaded. When I go thru the
transactions, I will get to one first.

>
>set the category as a transfer to the other ( credit card
>> or bank account), or use the equivalent "SPECIAL Credit Card
>> Payment" category.  
>
>Is this a literal category?  I only see "Credit Card Payment\Transfer" I 
>don't see anything beginning with SPECIAL.

In Deluxe and above, there are three major headings in the drop-down
list for categories: INCOME, EXPENSE, and SPECIAL. The SPECIAL
section is at the bottom of the list, and it may require scrolling. 

>
>When you process the second transaction,Money
>> should match it.  Be careful to not just Accept if Money did not
>> find the match on its own for some reason.  Click Change and match
>> it to the transfer you already made if Money did not match it for
>> you.  
>
>What do you mean Accept or Change?  When are these options presented?
>
>I would consider this the classic of the ways I like.  Note
>> that for this you would *not* use the Money "EXPENSE Credit Card
>> Payment".  I would Delete that category if using this method.
>
>How does one delete a category?


If it is like Deluxe and above, you would go to
Banking->AccountTools->Categories&Payees->Categories,
select the category, and click Delete at the bottom.

>
>> 2.  In method 2, don't handle credit card payments as transfers or
>> the pre-defined "Credit Card Payment Instead create one category of
>> "CC payment" or some such.  If you define the category as an
>> expense category, expect a warning when you use it to represent the
>> payment within the credit card account -- if you have the warning
>> enabled.  Just click Yes in response to the warning.  The category
>> should net at zero in reports across accounts, and you can still
>> customize to ignore the category if you like.  For this method you
>> could use the Money "EXPENSE Credit Card Payment".
>
>How do I create/define a category? I think I understand you, but why are you 
>saying don't use the 'Credit Card Payment/Transfer' category and then say do 
>use it.

In using method 1, which I suspect is not available with Essentials,
I suggest to not use that category. Method 2 could use that
category.

0
via_newsgroup (13113)
8/16/2006 2:56:37 PM
In microsoft.public.money, Cal Learner-- MVP wrote:

>
>
>In Deluxe and above, if you go to
>Tools->Settings->OnlineServiceSettings there is a setting for
>AutomaticallyAcceptAllDownloadedTransactionsFromBankingStatements
>that is, I think, cleared by default. If that is set, the

CORRECTION: If that is *CLEARED*, the ...

>transactions stay bold in the register before you accept them. When
>you click one of the bold transactions, there is an Accept button.
0
via_newsgroup (13113)
8/16/2006 3:00:32 PM
mulhall,
As you must have noted by now, nobody here has ever used Money Essentials. 
Until 2007 the least expensive version of MSMoney was called Money Standard 
and worked almost the same as Money Deluxe (and Premium).  It just was 
lacking a few bells and whistles.  I have always used Money Standard and it 
has given me everything I want.

While in the past few years, you had a choice of using the "Essential" 
register and "Essential" reports, which, I assume, it like Money Essentials, 
I doubt if anyone on this board ever experimented with them.  If you look at 
the FAQ, you will see that the experts here often suggest to people who were 
having problems to switch to the Advance Register from Essentials.  Given 
the lack of experience of the experts on this board with Essentials, I think 
that you are pretty much on your own here.

For marketing reasons MS decided to eliminate the Standard edition in 2007 
and replace it with the apparently useless "Essential" Edition.  Given that 
circumstance, I'd suggest that you either upgrade to Deluxe or return your 
Essential Edition and use a spreadsheet or database program to create your 
own financial management software.
-- 
Peace,
BobJ

"mulhall" <mulhall@discussions.microsoft.com> wrote in message 
news:763A5924-D9A7-4E11-AD5C-CFD6EFB97370@microsoft.com...
> Be warned - I am a newbie with MS Money.
>
>
>
> What do you mean "Be careful to not just Accept if Money did not
>> find the match on its own for some reason"?  When am I given a choice to 
>> accept something?
>
> "Cal Learner-- MVP" wrote:
>
>>
>> 1.  When you process the first transaction of the credit card
>> payment,
>
> What do you mean "process the first transaction of the credit card?
>
> set the category as a transfer to the other ( credit card
>> or bank account), or use the equivalent "SPECIAL Credit Card
>> Payment" category.
>
> Is this a literal category?  I only see "Credit Card Payment\Transfer" I
> don't see anything beginning with SPECIAL.
>
> When you process the second transaction,Money
>> should match it.  Be careful to not just Accept if Money did not
>> find the match on its own for some reason.  Click Change and match
>> it to the transfer you already made if Money did not match it for
>> you.
>
> What do you mean Accept or Change?  When are these options presented?
>
> I would consider this the classic of the ways I like.  Note
>> that for this you would *not* use the Money "EXPENSE Credit Card
>> Payment".  I would Delete that category if using this method.
>
> How does one delete a category?
>
>> 2.  In method 2, don't handle credit card payments as transfers or
>> the pre-defined "Credit Card Payment Instead create one category of
>> "CC payment" or some such.  If you define the category as an
>> expense category, expect a warning when you use it to represent the
>> payment within the credit card account -- if you have the warning
>> enabled.  Just click Yes in response to the warning.  The category
>> should net at zero in reports across accounts, and you can still
>> customize to ignore the category if you like.  For this method you
>> could use the Money "EXPENSE Credit Card Payment".
>
> How do I create/define a category? I think I understand you, but why are 
> you
> saying don't use the 'Credit Card Payment/Transfer' category and then say 
> do
> use it. 


0
Privacy1 (389)
8/16/2006 5:06:13 PM
It does provide links to a question that deals with what a Transfer is and
what a Credit Card Payment is and why they are more like what you are
expecting--they reflect the change in both accounts simultaneously--and why
Credit Card Payments/Transfers is an Expense category and why it doesn't do
what you are expecting.

If I'd not been so stupid/quick/asleep, I would have noted the first thing
you said was you were using Money Essential. If I had noted that, I would
probably not have linked you to that q/a since you don't have the necessary
context for the answer. Sorry about that.

As noted in the umpmfaq Fine Print (http://umpmfaq.info/FinePrint.htm), the
FAQ does not address Money Essential because I have never used it and cannot
speak intelligently about it. My **suspicion** is that Essential doesn't
know about the notion of a Transfer transaction that effects both accounts
simultaneously.

Also, as noted, the Deluxe version of Money may be more appropriate to your
needs/expectations. It allows things like creating your own categories and
making a Transfer from one account to another without entering two
completely separate transactions.

"mulhall" <mulhall@discussions.microsoft.com> wrote in message
news:BFDEFAF9-F88F-422A-8EE6-C43456A6B5AC@microsoft.com...
> Thanks for replying.
>
> Doesn't this link merely describe the problem, rather than provide a
solution?


0
8/16/2006 5:28:03 PM
Thanks for all your help on this, I tend to be a bit perfunctory when it 
comes to troubleshooting.
I appreciate I'm using the little known cheap version, but discovering the 
differences is almost as helpful as having a solution ;)

In short, I'm using the Expense category for both credit and debit 
transactions which in effect should cancel out, but they don't.  I'm doing 
analysis today to see what the behaviour is, it seems on the face of it that 
they are accumulating rather than negating each other.


On the other comments it does indeed appear to be a limitation of Essential;

The 'AutomaticallyAcceptAllDownloadedTransactionsFromBankingStatements' 
setting is not available under online service settings, though there are four 
options relating to dates and names used.

The Account Tools drop-down has only Payees - not Payees/Categories

There are only Expense and Income categories.

"Cal Learner-- MVP" wrote:

> In microsoft.public.money, Cal Learner-- MVP wrote:
> 
> >
> >
> >In Deluxe and above, if you go to
> >Tools->Settings->OnlineServiceSettings there is a setting for
> >AutomaticallyAcceptAllDownloadedTransactionsFromBankingStatements

0
mulhall (6)
8/17/2006 8:06:02 AM
I've used a different category, "INCOME: Not an expense" and only assigned 
two trasaction to it.  One debit and one credit for the same amount.

The monthly report only shows the credit. 

It doesn't seem to show the debit in any part of the report.

Therefore it seems that the only solution is to use a category from EXPENSE 
and INCOME, make sure they tally against each other, and ignore them!


Or, as you've suggested, upgrade.

"Cal Learner-- MVP" wrote:

> In microsoft.public.money, mulhall wrote:
> 
> >Be warned - I am a newbie with MS Money.
> >
> >
> >
> >What do you mean "Be careful to not just Accept if Money did not
> >> find the match on its own for some reason"?  When am I given a choice to accept something?
> 
> In Deluxe and above, if you go to
> Tools->Settings->OnlineServiceSettings there is a setting for
> AutomaticallyAcceptAllDownloadedTransactionsFromBankingStatements
> that is, I think, cleared by default. If that is set, the
> transactions stay bold in the register before you accept them. When
> you click one of the bold transactions, there is an Accept button.
> 
> >
> >"Cal Learner-- MVP" wrote:
> >
> >> 
> >> 1.  When you process the first transaction of the credit card
> >> payment, 
> >
> >What do you mean "process the first transaction of the credit card?
> 
> If I make a payment from the checking account to the credit card
> company, and if I download from both institutions, I expect to see
> both sides of the payment get downloaded. When I go thru the
> transactions, I will get to one first.
> 
> >
> >set the category as a transfer to the other ( credit card
> >> or bank account), or use the equivalent "SPECIAL Credit Card
> >> Payment" category.  
> >
> >Is this a literal category?  I only see "Credit Card Payment\Transfer" I 
> >don't see anything beginning with SPECIAL.
> 
> In Deluxe and above, there are three major headings in the drop-down
> list for categories: INCOME, EXPENSE, and SPECIAL. The SPECIAL
> section is at the bottom of the list, and it may require scrolling. 
> 
> >
> >When you process the second transaction,Money
> >> should match it.  Be careful to not just Accept if Money did not
> >> find the match on its own for some reason.  Click Change and match
> >> it to the transfer you already made if Money did not match it for
> >> you.  
> >
> >What do you mean Accept or Change?  When are these options presented?
> >
> >I would consider this the classic of the ways I like.  Note
> >> that for this you would *not* use the Money "EXPENSE Credit Card
> >> Payment".  I would Delete that category if using this method.
> >
> >How does one delete a category?
> 
> 
> If it is like Deluxe and above, you would go to
> Banking->AccountTools->Categories&Payees->Categories,
> select the category, and click Delete at the bottom.
> 
> >
> >> 2.  In method 2, don't handle credit card payments as transfers or
> >> the pre-defined "Credit Card Payment Instead create one category of
> >> "CC payment" or some such.  If you define the category as an
> >> expense category, expect a warning when you use it to represent the
> >> payment within the credit card account -- if you have the warning
> >> enabled.  Just click Yes in response to the warning.  The category
> >> should net at zero in reports across accounts, and you can still
> >> customize to ignore the category if you like.  For this method you
> >> could use the Money "EXPENSE Credit Card Payment".
> >
> >How do I create/define a category? I think I understand you, but why are you 
> >saying don't use the 'Credit Card Payment/Transfer' category and then say do 
> >use it.
> 
> In using method 1, which I suspect is not available with Essentials,
> I suggest to not use that category. Method 2 could use that
> category.
> 
> 
0
mulhall (6)
8/17/2006 10:22:01 AM
Assuming they ship a Sample data file with Essentials, you might look in 
there to see how they categorize a payment from Checking to a Credit Card on 
both sides of the transaction. I may figure out how to put the Essentials 
trial somewhere. I don't want to break any existing installation regarding 
file associations, but it also can't be installed on anything short of XP 
SP2. Given that limitation, I'm running out of different machines to have 
non-conflicting installation of Money on.

"mulhall" <mulhall@discussions.microsoft.com> wrote in message 
news:569BEEC6-3D86-4C5F-9971-229632EBC836@microsoft.com...
> Therefore it seems that the only solution is to use a category from 
> EXPENSE
> and INCOME, make sure they tally against each other, and ignore them!
>
>
> Or, as you've suggested, upgrade. 


0
8/17/2006 12:06:31 PM
Reply:

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My credit card and my checking account are at the same bank. I wish to be able to link the two so that when I pay the credit card account balance, it is linked to the check register from my checking account. I also want to reflect each credit card line item posted to the correct category when I reconcile. How can I do so without showing the total credit card balance as well as each line item (otherwise it will double the actual debit for my credit card transactions). Thanks for any advice. In microsoft.public.money, JimB wrote: >My credit card and my checking account are at th...

Assigning category after entry reconciled
I have a reconciled credit card transaction in my checking account register that needs to have several category corrections, but after I make the changes and hit "done", it defaults back to the original entry. I've tried marking the entry as unreconciled, but it makes no difference. If I make the changes without hitting "done", the changes remain until I close the application, then when I re-open, it displays the old information. BTW, this is Money 2006 Small Business "GHS" wrote: > I have a reconciled credit card transaction in my checking account...

print invoice number on manual payment posting journal
We used to be able to modify the manual payment posting journal and computer check edit list to add the vendors invoice number. The internal voucher number that prints on these reports now is not as useful to the users as is the invoice number. ---------------- This post is a suggestion for Microsoft, and Microsoft responds to the suggestions with the most votes. To vote for this suggestion, click the "I Agree" button in the message pane. If you do not see the button, follow this link to open the suggestion in the Microsoft Web-based Newsreader and then click "I Agree&q...

reconcilation reports
How do I print out a reconcilation report after I have exited from reconcilling the bank statement In microsoft.public.money, Barry C Wood wrote: >How do I print out a reconcilation report after I have >exited from reconcilling the bank statement http://support.microsoft.com/default.aspx?scid=kb;en-us;176329 ...

printing all four pages of tent card
When I use microsoft Publisher for creating tent card it just prints two outer pages which are seen on the outer sides of tent.If I want to print on the two inner pages also ,how to proceed.I want the card to open horizontally in the landscape pattern so that inner two pages are also readable.If it is not possible I will suggest that this may be incorporated in the next version of MICROSOFT PUBLISHER.Please acknowledge my suggestion at vijays19@yahoo.co.in. VIJAY K SETHI Insert, page, Publisher will suggest 2, click yes. Pages 3 and 4 will be the inside of your card. Place your o...

Heartland Credit Card Processing
Has anyone used Heartland to process their credit cards in RMS 2.0? If so can you give me the good, the bad and the ugly? thanks Prices are high -- Thank You Harjit Singh SherGill /DBA Altaville Market 324 South Main st po box 370 Altaville CA 95221 Tel : 209-736-1677 Fax; 209-498-3660 Altavillemarket1@att.net "sammy" <sammy@discussions.microsoft.com> wrote in message news:867AAA14-A5F5-4C88-B6FD-DCFD5B5DFFC2@microsoft.com... > Has anyone used Heartland to process their credit cards in RMS 2.0? If so > can you give me the good, the bad and the ug...

need a loan payment schedule
I need to show a loan amortization and I don't have a clue what to do. Here's the data. 8.5% interest rate compounded monthly loan amount 47,500.00 24 payments I would like to show the interest and principle paid each month. TIA gls858 gls858 wrote: > I need to show a loan amortization and I don't have a clue what to do. > > Here's the data. > > 8.5% interest rate compounded monthly > loan amount 47,500.00 > 24 payments > > I would like to show the interest and principle paid each month. > > TIA > > gls858 I'm so used to lo...

Credit card status comes back manual entry
This is a follow-up post to a problem I asked about to relate what I have found in case any one else may find it useful. Sorry, it is a little long. Occasionally when a cashier swipes a credit card they may get a pop-up notifying them that the card number may not be valid. The box has two options, OK or CANCEL. Depending on how good the card read was, if you choose OK the credit card validation may go through fine without any intervention. Today I confirmed this is the source of many non-qualifying transactions, where the card clears as "MANUALLY ENTERED". The field RequestAc...

Print Quarterfold Greeting Cards
I have created a document, and when I go to print it the print setup page shows that it must print with pages 2 and 3 at the top, upside down, and pages 4 and 1 are right side up at the bottom. However, the print preview shows the pages in order of 1,2,3, and 4, all right side up and that is how they are printing....so I cannot create a quarterfold greeting card afer all my hard work. I have tried shutting down Publisher and re-opening the document but nothing is working. Help? I should have specified that I am using Windows Vista and Publisher 2007. So I solved my own prob...

cannot reconcile some transactions
hi, i am having a problem with money 2004. i try to balance a credit card account and when i try to click a transaction to place a check by it for reconciled, nothing happens. i also cannot mark it in normal account mode (not balancing). it seems to be happening with a few accounts and the transaction i cannot reconcile are always payments set-up with the debt planner. i have already balanced the checking account the transaction was made from. and i CAN reconcile SOME of these debt planner payments. there doesnt seem to be a set pattern. has anyone come across this? ive already tried t...