What is the smartest way to categorize duplicate transactions which appear on the transaction sheet from a credit card and also from the checking account which pays the credit card? which one should be treated as the “real” one?
In this situation there would actually be 3 transactions.
First is the purchase on your credit card. This should be to the actual category you meant for it to be. Let’s say groceries. Then the you have the credit card payment from your checking account to the credit card company . There are two transactions. These should both be account transfers so they offset each other.
thanks for the info. i think you can tell i need an accounting class.
There has been a lot of discussion on this workflow. Here are a couple of links to those threads.
I view the payment of the credit card amount as a transfer. Once you have categorized the individual expenses I don’t see the need to “do” anything with the actual payment. You don’t want to double count the payment since the actual expense has already been recorded.