How to Pay Credit Card Account and Keep removing debts from CC account. « Forums

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How to Pay Credit Card Account and Keep removing debts from CC account.

(5 posts) (5 voices)

Started 2 years ago by svshivas
Latest reply from umarsyam

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svshivas
Member

Have bought Ibearmoney yesterday, i have created Credit Card Account, now there is a limit and existing debt on the card, which gets paid through my Bank Account. I have entered the limit details and debt details and when i pay my card through my bank account. Bank account should get debited and cc account should get the credit. How do i do this? Or everytime i have to manually manage the debt liability in the card.

Also one more help is there is a link field available, can you please help clarifying this.

Posted 2 years ago #
Bipp
Member

Hey there, as far as paying off the credit card, you just need to do a money transfer transaction from you debit account to your credit card, this will lower your debit and raise the available balance on your credit card.

Posted 2 years ago #
Akhat

Replying to @Bipp's post:

Yes, thank you Bipp for the good explanation. Please also see this page for more information about links.

Posted 2 years ago #
asaaddxb
Member

But when I make a transfer from my bank acc to the CC account, it doesn't reflect in the budgeted/actual reporting! Please help, I'm stuck with the credit card accts

Posted 1 year ago #
umarsyam
Member

Just try to help asaaddxb:

When you want to pay the PRINCIPAL of your CC, use Discharge Liability (without selecting category) from your bank acc to liability CC. With this transaction, both of your bank acc and CC debt will be reduced in a same amount, thus does not change your Net Worth.
But when you pay the INTEREST of your CC, use a normal expense, then fill in the description explaining the interest payment so that you can track it later.

Transaction that doesn't change your Net Worth is not an expense. Money transfer doesn't change your Net Worth, so that's not an expense and will not be shown in budgeted/actual Tab.
Paying principal of your CC debt is not an expense either, so it should not be show in actual expense/bugdet. But paying the interest of CC is expense and should be shown in actual expense/budget.

The discharging liability and money transfer transaction will be show in the Report Tab->Transaction.

Posted 1 year ago #

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