Credit Card Payments - Which category do you use?

I've been using MM for years now but just noticed something in MM 2005.  If 
I go to reports and click on "Monthly Income and Expenses" the report 
doesn't list credit card payments even if I select "Include transfers..." in 
Customize Report.  It seems that the report generator doesn't know about the 
special Transfer and Credit Card Payment categories.  It only knows about 
the expense category "Credit Card Payments/Transfers".  My question is does 
anyone actually use this expense category?  It seems like it could cause 
some unfortunate side effects judging from some of the posts.

The reason I even want this to show up in the report is that it's a regular 
payment on a balance on one of my credit cards (paying off a car I bought 
with a check drawn on the credit card).  I consider this a car payment but 
it is really just a balance being paid off to the credit card company and to 
MM.

Any suggestions would be great.

Thanks,
Richard 



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Richard
12/19/2004 5:16:24 PM
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First question: are you using "Essential Reports" or "Advanced Reports"? 
Check in the upper right corner.

This new category is lame and guaranteed to cause confusion. Maybe they 
added it to make the "Essential" stuff "look" right even if, in the 
"Advanced" sense it isn't.

"Richard Forester" <richard_forester(nospam)@msn.com> wrote in message 
news:41c5b615$1_3@127.0.0.1...
> Any suggestions would be great. 


0
12/19/2004 5:21:46 PM
In microsoft.public.money, "Richard Forester"
<richard_forester(nospam)@msn.com> wrote:

>I've been using MM for years now but just noticed something in MM 2005.  If 
>I go to reports and click on "Monthly Income and Expenses" the report 
>doesn't list credit card payments even if I select "Include transfers..." in 
>Customize Report.  It seems that the report generator doesn't know about the 
>special Transfer and Credit Card Payment categories.  It only knows about 
>the expense category "Credit Card Payments/Transfers".

That appears to be true about Money 2004 also.


>  My question is does 
>anyone actually use this expense category?  It seems like it could cause 
>some unfortunate side effects judging from some of the posts.
>
>The reason I even want this to show up in the report is that it's a regular 
>payment on a balance on one of my credit cards (paying off a car I bought 
>with a check drawn on the credit card).  I consider this a car payment but 
>it is really just a balance being paid off to the credit card company and to 
>MM.
>
>Any suggestions would be great.


One possibility is to use an expense category in the checking
account and to use that same expense category in the credit card
account as a negative. 


0
via_newsgroup (13114)
12/19/2004 5:38:29 PM
Hmm. I should have read that one closer. I guess I had an "Essential" 
knee-jerk response.

If you include, say, the checking and credit card accounts both, the 
transfer setting won't make the transfer show. This seems consistent with 
the notion that the transfer between these two is a wash and, therefore, 
reflective of neither income nor expense.

If you remove, say, the credit card account, then the setting to "Include 
transfers to/from accounts not in the report" does cause the account to show 
up in the transfers section.

Back to the OPs original question: the money that is going to offset the 
liability incurred with the auto purchase is still not an expense. The 
expense was incurred the moment the car was bought. The liability balance is 
just that. It's income/expense neutral.

"Cal Learner-- MVP" <via_newsgroup@please.tnx> wrote in message 
news:mmebs0dmcfnj98asv49ouho77qr9f97r1r@4ax.com...
> In microsoft.public.money, "Richard Forester"
> <richard_forester(nospam)@msn.com> wrote:
>
>>I've been using MM for years now but just noticed something in MM 2005. 
>>If
>>I go to reports and click on "Monthly Income and Expenses" the report
>>doesn't list credit card payments even if I select "Include transfers..." 
>>in
>>Customize Report.  It seems that the report generator doesn't know about 
>>the
>>special Transfer and Credit Card Payment categories.  It only knows about
>>the expense category "Credit Card Payments/Transfers".
>
> That appears to be true about Money 2004 also.
>
>
>>  My question is does
>>anyone actually use this expense category?  It seems like it could cause
>>some unfortunate side effects judging from some of the posts.
>>
>>The reason I even want this to show up in the report is that it's a 
>>regular
>>payment on a balance on one of my credit cards (paying off a car I bought
>>with a check drawn on the credit card).  I consider this a car payment but
>>it is really just a balance being paid off to the credit card company and 
>>to
>>MM.
>>
>>Any suggestions would be great.
>
>
> One possibility is to use an expense category in the checking
> account and to use that same expense category in the credit card
> account as a negative.
>
> 


0
12/19/2004 5:53:11 PM
Yes, I am using Advanced Reports as you guessed.

Thanks for your suggestion!  I did just as you said, by removing the credit 
card account and then checking "Include transfers to/from accounts not in 
the report" the payments do show up.  I now have a little more accurate 
accounting of how much money I am spending on a montly basis.

I am aware, however, as you point out that the purchase was made at the time 
the car was bought and that the transfers to my credit card are not 
considered an expense and are in fact balanced by the asset itself (it still 
has value although depreciating as time goes by).

Thanks again.

Richard

"Dick Watson" <littlegreengecko@mind-enufalready-spring.com> wrote in 
message news:%23bZ7gPf5EHA.1188@tk2msftngp13.phx.gbl...
> Hmm. I should have read that one closer. I guess I had an "Essential" 
> knee-jerk response.
>
> If you include, say, the checking and credit card accounts both, the 
> transfer setting won't make the transfer show. This seems consistent with 
> the notion that the transfer between these two is a wash and, therefore, 
> reflective of neither income nor expense.
>
> If you remove, say, the credit card account, then the setting to "Include 
> transfers to/from accounts not in the report" does cause the account to 
> show up in the transfers section.
>
> Back to the OPs original question: the money that is going to offset the 
> liability incurred with the auto purchase is still not an expense. The 
> expense was incurred the moment the car was bought. The liability balance 
> is just that. It's income/expense neutral.
>
> "Cal Learner-- MVP" <via_newsgroup@please.tnx> wrote in message 
> news:mmebs0dmcfnj98asv49ouho77qr9f97r1r@4ax.com...
>> In microsoft.public.money, "Richard Forester"
>> <richard_forester(nospam)@msn.com> wrote:
>>
>>>I've been using MM for years now but just noticed something in MM 2005. 
>>>If
>>>I go to reports and click on "Monthly Income and Expenses" the report
>>>doesn't list credit card payments even if I select "Include transfers..." 
>>>in
>>>Customize Report.  It seems that the report generator doesn't know about 
>>>the
>>>special Transfer and Credit Card Payment categories.  It only knows about
>>>the expense category "Credit Card Payments/Transfers".
>>
>> That appears to be true about Money 2004 also.
>>
>>
>>>  My question is does
>>>anyone actually use this expense category?  It seems like it could cause
>>>some unfortunate side effects judging from some of the posts.
>>>
>>>The reason I even want this to show up in the report is that it's a 
>>>regular
>>>payment on a balance on one of my credit cards (paying off a car I bought
>>>with a check drawn on the credit card).  I consider this a car payment 
>>>but
>>>it is really just a balance being paid off to the credit card company and 
>>>to
>>>MM.
>>>
>>>Any suggestions would be great.
>>
>>
>> One possibility is to use an expense category in the checking
>> account and to use that same expense category in the credit card
>> account as a negative.
>>
>>
>
>
> 



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0
Richard
12/20/2004 4:37:23 PM
Reply:

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