[moneytalks] Re: Credit Cards
- From: "Steve Zielinski" <steveziel@xxxxxxxxxxxxx>
- To: <moneytalks@xxxxxxxxxxxxx>
- Date: Wed, 26 Dec 2007 07:01:39 -0600
Hi Cindy,
I'll answer the first question, haven't thought about the second one but think
the answer is yes, assuming you make regular payments to the account. However,
I don't think you'll be able to project to an exact month since as you pay off
the account the interest finance charges keep lowering and MT doesn't have a
way to do the exact math on that. I'd recommend you create a throw away
practice account to practice working with projections and recurring
transactions, get comfortable with that before trying to apply it to credit
card accounts.
Like in any mt account, make sure to set your starting balance to the correct
value. But with a credit card account, preceed that value with a minus sign,
just like you will do for the minimum balance. See the next paragraph. You
probably know that properties can be gotten to by pressing alt+enter.
With a credit card account, enter the credit limit in the minimum balance box
under properties. However, preceed this value with a minus sign. For
instance, if your limit is $10,000 enter into the minimum balance box -10000
You might want to read that with your arrow keys to see the style.
With credit card accounts, finance charges and purchases are debits (they have
minus signs before them in the amount field). Payments to the account are
deposits, (they have plus signs before them in the amount field when you look
at them after entering them).)
Essentially while you still owe money to the account, your total balance, shown
at the bottom of your register and the column all the way to the right, will
have a negative value to it. When you're account is paid off, that balance
will show $0.00. If that balance goes above $0.00, it means the bank owes you
money and you will then hear that quacking sound from money talks indicating
you've gone, in this case, above your minimum balance. Usually that quacking
sound means you've gone below your minimum balance, such as in a checking
account.,
Good luck Cindy
Steve
----- Original Message -----
From: slerythema@xxxxxxxxxxxxx
To: moneytalks@xxxxxxxxxxxxx
Sent: Tuesday, December 25, 2007 11:12 PM
Subject: [moneytalks] Credit Cards
Is anyone using MT to track a credit cards? If so, can you give me any
pointers for how it should be setup and used for that type of account? Also,
could you use the project feature (I've not used this feature at all in my
current checking account) to calculate when you will have it paid off?
TIA,
Cindy
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