How to track credit cards
Credit cards are tracked as bank accounts in MoneyMinder. Let’s walk through how to set this up.
Click Banking in the sidebar.
Click Add Account and choose Bank Register (Manual Entry) from the dropdown.
Enter the credit card name and statement balance at the beginning of the financial year. This should be taken directly from the credit card statement and entered as a negative number in MoneyMinder.
To record charges on the credit card, click Actions to the right of the credit card account.
Choose New Withdrawal from the dropdown.
Enter the transaction information then click Save & Close.
Payments to credit cards are recorded as Transfers. Click Actions to the right of the credit card account and choose New Transfer from the dropdown.
The From bank account will be the Checking account and the To bank account will be the Credit Card.
Fill in the rest of the information and click Save.
When reconciling the credit card account, the bank statement ending balance needs to be entered as a negative number. The cleared transactions will be checked off just like any other reconciliation.
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Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
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Connect your Bank, Square and PayPal accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.