Newbie here,
I run a tour business. Tour income arrives in Business Account, I transfer a % of that “tour income” to personal checking account, then I pay off CC debts from many cards from personal checking account. How do I track the movement of money between accounts (transfer are categorized as transfers only?) and when I pay CC’s how do I track the “interest fee” I am paying while carrying a balance on various CC’s?
Cash transfers between all the accounts would use the “Transfer” category with a negative number leaving one account and a positive number entering the other account. Credit card payments also create 2 entries in the Transactions sheet, also using the “Transfer” category - one negative from your personal checking account and one positive to the credit card being paid.
Assuming that you are tracking credit card charges individually with their own various categories, your Interest Fee is simply another Transactions sheet entry for that credit card.
For instance, in your Transaction Sheet:
I hope this helps.
OK, got it. Thank you!
A follow-up question:
I linked my accounts to Tiller Sheet (banks, cc’s, loans, etc.). Am I to assume that all transactions that have been “ingested” into Tiller Sheet are 100% correct? Because Tiller only grabs the data and just ingests it, and the +/- comes with it automatically from the linked accounts? I assume that is correct (for now). But, when I make the entries you mention (1-3) those are manual entries on my part, I just add them as manual entries into the Transaction Sheet and it will automatically cascade to where it needs to cascade (possibly using wrong words here…) on the rest of the Tiller Sheet so it shows up in Spending Trends, etc.?
Thank you
Sergio
I would say very close to 100% correct on downloaded data. Depending on the financial institution, there have been instances of double downloads and/or missing downloads. I always review and sanity check my downloads. I know what activity to expect from the credit cards.
You can make manual entries or just wait for the data to download from Tiller. If you make manual entries, there is the Reconcile Transactions in the Tiller Community Solutions Extension, that will find and merge the manual entry you made with the downloaded entry (assuming you used the Manual Transaction feature in the Tiller Money Feeds Extension).
Any transaction in the Transactions sheet will show up in the rest of the Tiller sheets like Spending Trends.
I will double check downloads to make sure everything is 100%, thanks for the heads-up.
I will try the Reconcile Transactions
Wish me luck!
thanks
A great feature with Tiller is the ability to have up to five different sheets, each fed by a different subset of your accounts. You could set up one sheet fed by your business checking and business credit cards, and a separate sheet fed by your personal checking and personal credit cards. Then when you transfer money from your business to personal checking account, record that as your personal income received, rather than a transfer. That will make your personal budgeting easier if you are considering the business and the personal as two separate entities with their own budgets and own income and expenses.
To your second question about paying credit cards – the cleanest way to do it is to stop incurring new charges on credit cards that are carrying a balance, so that payments you make on cards with a balance can be recorded as debt payments, and payments you make on cards with new charges are a transfer (that way you are not double counting the new transactions made on that card with the payment to the card). This will help you separate what are the current new expenses you have incurred for the month, vs. how much your past expenses/credit card debt are costing you.