Credit Cards: How to Account for Paying Down the Balance

Eddie Davis -

Although FINSYNC lets you sync credit card accounts just like you do a traditional account, you'll notice that the balance is carried as a liability, not cash. You can verify this on the Balance Sheet on the reports tab.

When you pay down the balance on your credit card, our system makes it easy to keep the accounting correct by simply matching the outflow on your bank account to the inflow on your credit card.

Follow these steps:

1)  Go ahead and pay down your card as you normally would by logging in at americanexpress.com or similar.

2)  Wait until FINSYNC automatically pulls in the outflow transaction on the connected bank account and the inflow transaction on the credit card transaction.

Note: If you are using unsynced accounts, you'll need to create the outflow transaction on the bank account and the inflow transaction on the credit card.

You should see something like this when looking at the bank account where the funds were withdrawn:

banking.png

You should see something like this on the credit card account where the funds were deposited:

creditcard.png

3)  Once both transactions are cleared, find the row of the deposit to the credit card.

4)  Click the dropdown arrow on the far right and choose "Match with Transfer."

matchwithtransfer.png

5)  Click the dropdown and select the bank account from which the funds were withdrawn. 

match2.png

6)  Once you choose the correct account, the system will show you any transactions that are a likely match. Choose the correct one.

7)  Click "SAVE."

match3.png

That's it. The system will confirm that you have matched the two transactions, which means the accounting is done!

You can undo a match by clicking the red [x] on the "Matched With Transfer" flag. This will adjust the accounting accordingly.

unmatch.png

All Done!


You May Also Be Interested In:

For a list of articles related to Bank Accounts, Bank Transactions, Balances and more (Click Here)

For the complete list of articles, return to the FINSYNC How-To Guide: (Click Here)


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