Splitting a credit card payment

Mike or Penny Novack stepbystepfarm at mtdata.com
Sat Mar 23 18:09:39 EDT 2013


donles wrote:

>   I don't itemize credit card payments.  The funds are drawn from my
>checking account which is reconciled monthly.  The payment is credited to
>Liabilities:Credit Card and I do not reconcile the category.
>   I started to pay my monthly cable bill by credit card and now I want to
>go back a few months and edit the credit card payment to account for the
>cable bill.  I have an expense category Expense:Utilities:Cable.
>   I can't visualize how to go about doing this.  Can anyone suggest what to
>do?
>Thanks
>
>  
>
You can't figure it out because you are confused how to enter  
transactions involving the credit card.

a) When you PAY the credit card bill that is a transaction involving 
just your checking account (asset) and the credit card (liability) 
perhaps split if you are paying interest (expense). WHAT the various 
expenses were that you paid by credit card not involved HERE (this 
transaction, dated when you write the check). That's because .......

b) When you get your credit card statement you see a list of charges for 
a bunch of dates. ALL of these represent transactions to be entered 
affecting the particular expense and the credit card (you paid for this 
thing not with cash but by incurring a liability.

Does that make it clear?


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