So I have been perusing this sight, and just can not come up with the correct answer.
I have a business credit card that (nearly) all expenses are charged to.
I took the receipts, input the name, date, and other pertinent info. All of these transactions are now listed on the transaction page.
I pay my credit card from the same account. This doubles the expenses… So how do I account for the credit card payment?
Thank you for any help!
@whitespruceind Sure. You can simply categorize the credit card payment under “Transfers > Credit Card Payments.” This will allow you to keep track of it on your Transactions page, but it will not impact any of your reporting or metrics.
What about the case where Stessa is linked to both the Credit Card Bank account, and the Checking Bank Account used to pay the card off each month?
I’m seeing both credit card charges (positive) and the last month payment (negative) imported from the Credit Card account. Then Stessa also sees the payment out from Checking to pay off the card.
If I leave these both as “Transfers > Credit Card Payments”, they cancel each other out and all values for that Transfer sub-account is $0 every month.
I would like to see what funds are transferred out to pay the credit card, so would need to change the last month payment on the Credit Card account. How? I could delete it, but would rather keep all the Tx and just mark it as “ignore” so it’s obvious what was done the next time I repeat the process.
A similar thing happens when monitoring Apartments.com income and seeing duplicate transactions in the Checking account they are deposited into.
Thank you for any help or suggestions.
@devin any suggestions on my follow on question ^
It would be really helpful to have some user-defined transfer categories that I can park things like this. Right now I’m overloading unused fields and it’s hard to always do the mapping in my head what they really mean:
did you ever get this resolved i am simply deleting the CC payment as its already posted as each transaction individually
I have the same issue as beynon.re_stessa. In addition, all my credit card expenses are importing in as positive when they should be reflected as a negative expense. How are people categorizing their credit card expenses while avoiding the duplicative charges that essentially cancel each other out?
@devin can you answer the pending question? I have the same question as well and never saw a response from anyone from Stessa.
Bumping this question again as I’m having the same issue and want to make sure that I’m not double counting expenses. @Stessa please advise. Thank you!
I have the same concern @devin where both my bank account (used to pay CC) and my credit card (used to make purchases) are linked to my Stessa account leaving a $0 balance ea month. But I need to track purchases by unit and description (invoices), so does it make sense to simply manually add each purchase/expense individually? But, wouldn’t I then have to delete the monthly CC PAYMENT that Stessa automatically imported? Otherwise, I’m counting double. Appreciate your insight!
I’d love a response as well since I’m having the same issue. I am leaning towards deleting the CC payment (positive amount) since Stessa is seeing this as a cash in-flow when it is not. This will then leave just the $X payment (negative amount). When I go to the Stessa report, the CC Payment line on my Income Statement is $0 when this is not accurate.
Resurrecting this thread. I would appreciate a Stessa Subject matter expert to address this topic please.
I am having the same issue with Wells Fargo. I have the CC and bank account linked. I get each charge as an expense. I also get the CC balance payment as an expense and a Transfer from the account when the payment is made.
Hmm, seems like no answer still on this topic. Would be nice to get a response
Yes this is the answer, credit card payments, change all payments to transfers - credit card payments. Works totally fine for us.