How to tackle categories for transactions that are transfer from one account to another

I have setup money to download data from my bank checking and credit
card account.
Every month I pay the credit card bills through my bank checking
account.
This shows up as a withdrawal from my bank account and deposit into the
credit card account. However, I don't know what category to assign it
to. The problem is that a withdrawal is usually categorized as expense
and credit as income. Thus, money artificially inflates my income and
expense by the same amount in reports.
At present I created a category called transfer: bank account to credit
card and configured money to ignore this category while calculating
income and expense reports. However, is this the best approach or are
there inbuilt features within money to handle this scenario

0
cal_2pac (4)
4/20/2005 4:05:12 PM
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Categories are normally for Income (you got richer) or Expense (you got
poorer). In Money there are "Special Categories" that are a) neither income
or expense, or b) complex combinations. The "neither income nor expense"
specials are for things like moving money from your right pocket to your
left and are called Transfer and Credit Card Payment--the latter just being
a confusing name for the former. The most common complex ones are Loan
Payment and Paycheck.

See http://umpmfaq.info/faqdb.php?cat=13,
http://umpmfaq.info/faqdb.php?q=167 and http://umpmfaq.info/faqdb.php?q=147
for more on these, including a particularly lame M05 wrinkle on this, and
for information pertinent to downloading data in the event of Transfers.

<cal_2pac@yahoo.com> wrote in message
news:1114013112.115710.228640@f14g2000cwb.googlegroups.com...
> I have setup money to download data from my bank checking and credit
> card account.
> Every month I pay the credit card bills through my bank checking
> account.
> This shows up as a withdrawal from my bank account and deposit into the
> credit card account. However, I don't know what category to assign it
> to. The problem is that a withdrawal is usually categorized as expense
> and credit as income. Thus, money artificially inflates my income and
> expense by the same amount in reports.
> At present I created a category called transfer: bank account to credit
> card and configured money to ignore this category while calculating
> income and expense reports. However, is this the best approach or are
> there inbuilt features within money to handle this scenario
>


0
4/20/2005 4:20:29 PM
Note also that my answer assumes you are using Advanced Register if using
M05. If using M05, remember: Essential *= Evil *.

<cal_2pac@yahoo.com> wrote in message
news:1114013112.115710.228640@f14g2000cwb.googlegroups.com...
> I have setup money to download data from my bank checking and credit
> card account.
> Every month I pay the credit card bills through my bank checking
> account.
> This shows up as a withdrawal from my bank account and deposit into the
> credit card account. However, I don't know what category to assign it
> to. The problem is that a withdrawal is usually categorized as expense
> and credit as income. Thus, money artificially inflates my income and
> expense by the same amount in reports.
> At present I created a category called transfer: bank account to credit
> card and configured money to ignore this category while calculating
> income and expense reports. However, is this the best approach or are
> there inbuilt features within money to handle this scenario
>


0
4/20/2005 4:23:40 PM
Reply:

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