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Mint.com and double entry accounting
Posted on 10/14/15 at 11:05 am
Posted on 10/14/15 at 11:05 am
Can somebody clarify this about mint.com for me - using a simplified hypothetical. Say I spend $100 at Rouses on a Capital One credit card, and it's all I put on the card for that month. At the end of the month I pay it off. Mint tracks this as three separate transactions -- $100 to Rouses on Oct. 14th, then on Oct. 31st $100 to Capital One and a $100 credit to bring the cc balance to zero. Correct?
So doesn't this render mint useless for tracking spending, since you have to back out all these transactions to get an accurate report? It will look like I spent $200 when I actually only spent $100 -- the zero'd out transaction, while not affecting the bottom line, inflates both the spending and the income. Or am I misunderstanding entirely how this works?
So doesn't this render mint useless for tracking spending, since you have to back out all these transactions to get an accurate report? It will look like I spent $200 when I actually only spent $100 -- the zero'd out transaction, while not affecting the bottom line, inflates both the spending and the income. Or am I misunderstanding entirely how this works?
3
Posted on 10/14/15 at 11:21 am to Cold Cous Cous
1. CC spent at Rouses
2. Payment from checking to CC
3. CC credited
The 2nd and 3rd transaction aren't counted as spending when it is categorized as Credit Card Payment. "Credit Card payment" can be found under "Transfers"
Even if they did "count" they would necessarily knock each other out to 0 anyways if you paid your bills and not show up on your spending budget.
So its fine.
2. Payment from checking to CC
3. CC credited
The 2nd and 3rd transaction aren't counted as spending when it is categorized as Credit Card Payment. "Credit Card payment" can be found under "Transfers"
Even if they did "count" they would necessarily knock each other out to 0 anyways if you paid your bills and not show up on your spending budget.
So its fine.
This post was edited on 10/14/15 at 11:25 am
Posted on 10/14/15 at 11:32 am to Teddy Ruxpin
Thanks - this really helped. My CC payments were showing up as "shopping," so I was being double counted. I switched them to transfers and it makes more sense.
Posted on 10/14/15 at 11:41 am to Cold Cous Cous
quote:Not if you categorize expenditures properly. Purchases with credit cards are the expenses, i.e. income statement events. Payments of credit card balances are balance sheet events, and should not effect income.
o doesn't this render mint useless for tracking spending, since you have to back out all these transactions to get an accurate report?
quote:Mint and Quicken can be confusing to those with even a little experience with double entry bookkeeping since they don't display a journal entry with a debit and credit. All you see is a single debit or credit entry, and you have to trust that the software is making the appropriate offsetting entry.
Or am I misunderstanding entirely how this works?
Posted on 10/14/15 at 11:53 am to Poodlebrain
We always just "hid" the cc payment
Posted on 10/14/15 at 12:39 pm to Cold Cous Cous
Dr = cr
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