Whenever possible you should try and pay off your credit cards every month. This keeps you from accumulating debt and also avoids incurring interest charges.
If you pay off your credit card balance each month you will have two transactions for the payment. The payment expense from your checking account and an offsetting payment “income” transaction to your credit card. Since you’ve already accounted for the spending you can ignore both of these transactions.
Payments when carrying a balance
If you’re working to pay down you’re credit card and are carrying a balance you’ll want to take some extra steps. First you’ll need to decide how much you can pay off each month in addition to any new charges. Then you’ll make a recurring expense for this additional amount. Second you’ll want to create a recurring expense for the interest you will accrue each month while paying down the balance. These two recurring expenses will decrease your Weekly Spending Limit so you have the money set aside for those payments.
It may be a good idea to stop using the credit card that’s carrying a balance since you will accrue interest for all new charges until it’s paid off. If you are still using that credit card, you can review your statement to pay off all new charges from the past month, plus the additional amount you’ve decided to pay. If you make a single transaction you can split the expense when it syncs. Assign part of it to the recurring expense you set up previously, and the rest of it can be ignored.
