QIF to Splits


B

Buck Turgidson

I can download a QIF containing credit card transactions. However, I
prefer to not have each of them as an individual line-item, but rather
under a split, hung from one payment to the credit card company.

Is there a way I can get a QIF file to split transactions?
 
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H

Han

I can download a QIF containing credit card transactions. However, I
prefer to not have each of them as an individual line-item, but rather
under a split, hung from one payment to the credit card company.

Is there a way I can get a QIF file to split transactions?
This is a FAQ. What you actually do is *buy* each (set of) item(s)
charged /separately/. Then each is yours, and you have paid for it/them.
However, you need to make a "transfer" from your checking account to the
credit card account to satisfy the credit card company. That's how most
people do the "bookkeeping". It works very well. Splits get very
confusing (to me).

YMMV!
 
J

John Pollard

Buck said:
I can download a QIF containing credit card transactions. However,
I prefer to not have each of them as an individual line-item, but
rather under a split, hung from one payment to the credit card
company.

Is there a way I can get a QIF file to split transactions?
1.) What you get in the QIF file is determined by the financial
institution; and they have no way of knowing whether or how to create
a split for you.
2.) There is a limit on the total number of items in a split and
eventually, you will run afoul of this limit if you are trying to put
all your credit card transactions in a split every month
3.) The best way to handle credit-card transactions is to setup a
Quicken credit card account and import the QIF file into that.
4/) Then when you pay your credit card bill, you enter, say, a check
transaction in your checking account whose category is the
[credit-card-account] - putting the account in square brackets in the
category field creates a "transfer" transaction - when you have
entered that transaction, you will find its "other half", a "payment"
transaction,. in the credit-card account.
 
W

wps

Thanks for the reply. I am not sure I understand. Are you saying I
can't do it, but am stuck with each charge being a line-item? E.g.
when I fill up my tank and put it on my cc, I only want one payment to
my card in Quicken, with each one split out.

To me, it seems much messier to have all those transactions, clogging
up my check register, and it will be hard to figure out what the
actual payment was to the credit card issuer.

Did I miss your point?
Maybe I'm missing your point.

I have an account for my Visa card. Each time I buy something I record a
transaction. Then when I download transactions from the credit card
company, they get cleared.

When I get my monthly statement I write one check. The Payee is the
credit card company and the category is "Transfer to [Visa Account]".
This shows up as a payment in the Visa Account.

So my Checking register has 1 entry representing the entire payment to
the credit card company, and the Visa account has 1 entry for each
charge, plus 1 for the payment.
 
H

Han

Thanks for the reply. I am not sure I understand. Are you saying I
can't do it, but am stuck with each charge being a line-item? E.g.
when I fill up my tank and put it on my cc, I only want one payment
to my card in Quicken, with each one split out.

To me, it seems much messier to have all those transactions, clogging
up my check register, and it will be hard to figure out what the
actual payment was to the credit card issuer.

Did I miss your point?
Maybe I'm missing your point.

I have an account for my Visa card. Each time I buy something I record
a transaction. Then when I download transactions from the credit card
company, they get cleared.

When I get my monthly statement I write one check. The Payee is the
credit card company and the category is "Transfer to [Visa Account]".
This shows up as a payment in the Visa Account.

So my Checking register has 1 entry representing the entire payment to
the credit card company, and the Visa account has 1 entry for each
charge, plus 1 for the payment.
Buck, what wps wrote is exactly what I meant. Sorry to have been
confusing. --
Best regards
Han
email address is invalid
 
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B

Buck Turgidson

Sounds promising. I'll look into doing this. Thanks.

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