How do I pay credit card bill

I am finding myself with a complete mental block.
I have my Credit Card set up as its own account, along with checking and savings. I have been charging items to this credit card account and taking the money from the appropriate envelope in my transaction on the credit card account.
Now, I have received my bill from the credit card company. What I thought I was going to do was reconcile the credit card account. (I pay the full balance off each month) and add a transaction to my checking account for the payoff. How do I square this away so the credit card is reconciled and the credit card account balance brought to zero, and the Checking account has a transaction for paying off the credit card?

The reconciliation part is just the same as for any account—starting and ending balance, check off cleared transactions, etc. But I think the part that’s stumping you is the payment, and since you pay off the card each month (with no interest accruing) it’s just an account transfer. When you transfer funds from a checking account to one set up as a monthly debt account, Goodbudget reduces the amount available in the bank and the amount owed on the card.
It sounds like that’s what you’re looking for.
(If you DO happen to have your card set up in Goodbudget to pay over time, it’s a similar transaction but requires you use the debt feature to pay. Happy to add steps here if that’s where you’re stuck.)
Hope that helps!

My next CC bill is the end of this month, so I will try it then, to recap
I do a reconciliation on the CC Acct. Then an account transfer from checking to the CC with the CC name as the name of the transfer that would reduce the checking balance and the CC balance.
The payment date is almost a month in the future. If the account transfer date is so far ahead wouldn’t my available balances in my checking account and CC account be overstated until that payment date? How would I get around that so my infom is current?

It sounds like you have your card set up to “pay the full balance from the last statement”, but the payment date is three weeks or so from when you receive the statement. Is that right? If so, I would schedule the payment with the future date (be sure to click the “Schedule” button) and that way it won’t show up until it’s actually paid. Just be sure you’ll have enough in checking when that day arrives (which you should if you’ve been using your envelopes!)

1 Like

Tiffany, thanks for the help. I will put your advise to work later this month.