Although FINSYNC lets you sync credit card accounts just like you do a traditional account, you'll notice that the balance is carried as a liability, not cash. You can verify this on the Balance Sheet on the reports tab.
When you pay down the balance on your credit card, our system makes it easy to keep the accounting correct by simply matching the outflow on your bank account to the inflow on your credit card.
To account for paying down your credit card, follow the steps outlined below:
1. Go ahead and pay down your card as you normally would.
2. Wait until FINSYNC automatically pulls in the outflow transaction on the connected bank account and the inflow transaction on the credit card transaction. (Note: This may not be reflected immediately.)
Note: If you are using un-synced accounts, you'll need to create the outflow transaction on the bank account and the inflow transaction on the credit card.
You should see something similar to the image below when looking at the bank account where the funds were withdrawn:
You should see something similar to the image below on the credit card account where the funds were deposited:
3. Once both transactions are cleared, find the row of the transaction for the deposit to the credit card. Click the ellipses on the far right and select Match with Transfer.
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4. Click the dropdown and select the bank account from which the funds were withdrawn.
5. Once you choose the correct account, the system will show you any transactions that are a likely match. Click to select the transaction and then Save at the bottom.
That's it. The system will confirm that you have matched the two transactions, which means the accounting is done!
You can undo a match by clicking the red [x] on the Matched With Transfer button. You will see this option after clicking to open the bank account transaction. This will adjust the accounting accordingly.
