Hi, i have one question regarding credit card account.
For example, I buy something for 1200 € with my credit card and the credit card distributes that in 12 equal rates of 100 €.
What I did in Moneywiz:
- Created expense on credit card account of 1200 €
- Created scheduled transfer of 100 € every month for 12 months from my standard account to credit account.
Now the problem is that this is not recognized as expense (offcourse, because it is transfer).
I wonder if this can be done in some other way so that Moneywiz recognizes this transfer as expense. It turns out that I had initial expense of 1200 € which is not true. The real expense is 100 € per month.
Okay, so it can be done like this..
1. Create temporary account
2. Create transfer from credit card account to temporary account? - when credit card expense is made
3. Create expense on standard account (12 expenses, 1 every month for 12 months)
4. Create transfer from temporary account to credit card account (12 transfers, 1 every month for 12 months) - so the balance on credit card account remains correct
So.. no easier way to do this properly?
I'm sorry but what we usually suggest is to use Scheduled transactions, like you did. However, why don't create the Scheduled transaction as an expense from your credit card instead of a transfer? You are, after all, making a repeating expense from your credit card - only later you transfer additional funds to your credit card from the checking account.
If I create scheduled expense from my credit card account then the "available credit" and "liabilities" won't show correct value. I hope you can manage something in the future to solve this little problem.