Archive - Moneydance 2017 - Credit Card Accounts

How Credit Card accounts work -

Credit Card accounts usually have negative balances. This account type generally represents money that you owe and has a negative effect on your net worth. A credit card account is used to keep track of your current balance on a single credit card. The balance on a credit card represents your current debt on the credit card.

Creating a Credit Card account -

You can setup a credit card account as you would any other account, by navigating to Account --> New Account.

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A credit card account can store information such as card number, expiration date, interest rate (labeled APR), and bank name for your convenience. You do not need to enter any of this information if you do not desire. None of these values, including the interest rate, affects the operation of the account. You can specify that the credit card is a child (or sub-account) of another account.

Entering transactions into a Credit Card account -

Purchase transactions are entered into a credit card account just as they are in a bank account - with a description, category of spending, amount, etc.

Credit card payments are recorded as a transfer of funds from the bank (often a checking) account to the credit card account. This reduces the balance of the checking account and reduces the debt on the credit card.

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