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How to enter expense made on Credit card and Credit Card Payment

Asked by Ramesh Anbuthambi

Hello HomeBank Support Team,

Could you please help me how to track expense made through Cerdit Card and Credit Card Payment made in Home Bank?

For example, If I make transaction on Credit Card, should I add this transaction as + or - and when I settle the monthly Credit Card Payment whether it should + or -

Need some clarity as well as some example how to use Liabilities will also help me.

With Regards,
Ramesh Anbuthambi

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TonyIT
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Best TonyIT (nc8430) said : 		#1

You have to think about a credit card like a wallet.
The expense are always in negative.
For the monthly settle, you have to transfer from bank to credit card.

CREDIT-CARD
 expense 1: -100
 expense 2: -150
BALANCE -250

BANK
 transfer to CREDIT-CARD for refund: -250

CREDIT-CARD
 expense 1: -100
 expense 2: -150
 from bank to refund +250
BALANCE 0

Revision history for this message
Ramesh Anbuthambi (ramesh-anbuthambi) said : 		#2

Thanks TonyIT, that solved my question.