Hi All,

Wanted to get advice/opinions on how people handle credit card payments. Currently I am going into my credit card making a payment entry as follows:

From: Joint Checking
Category: Credit Card
Memo: Blank

Then I have to go into my Joint Checking account ledger and enter almost an identical entry:

Pay To: Chase
Category: Credit Card
Memo: Blank


This seems a bit redundant so I was hoping to get some feedback to see if I'm doing something wrong. Been meaning to clean up my books for years and just hadn't begun until today. Thanks in advance

I have a separate Liability Account for each card. All transactions with the card go into the corresponding account (I import them once a month from OFX data). When I pay a credit card bill, I enter a transfer from my checking account to the credit card account. That way, it shows up in both accounts automatically.

Edit: actually, I do not have to do define the transfers manually, as transfers get imported as well. But if you want to do it manually, you should definitely use a transfer transaction, not a payment.

You should enter this as a Transfer:

- create a new transaction in your checking account ledger
- select the Transfer tab (instead of Deposit or Withdrawal)
- you'll see a 'Transfer to' option, select your Credit Card account and enter the amount/date etc.
- when you enter the transaction it creates an identical 'Transfer from' transaction in your Credit Card ledger.

(or start in your Credit Card ledger and create a transfer from transaction)

I pay my credit card automatically each month via direct debit so I've created a monthly Scheduled Transaction in KMyMoney.

What is the point of "Payment" option then in the credit card? Seems weird to have, payment should be able to link to other accounts and act like a transfer but auto fill in Payment or something for the transaction name. I'll go ahead and go through 3 years of payments and switch them over to transfers though. Overall I love KMyMoney but definitely a few things that I personally would like to see changed But I guess that goes with any piece of software.

Probably because, if it had been set up without a Payments option, someone would come up with a use case that requires a Payments option.