Microsoft Money How do I handle debit card transactions?

Debit card transactions work exactly like checks. The only difference really is that you don’t have a check form, but rather a bundle of electronic, digital information that runs from the store’s debit card machine to your bank’s computer. This mechanical difference is transparent to Money, so when you want to record a debit card transaction, follow the same steps as those for writing a check:

1. Display the appropriate account register.

To display the register for the account you are using to record the debit transaction, click the account name listed in the Favorite Accounts area of the Money home page. If you don’t see the account listed, click the Accounts & Bills link to display a list of all your Money accounts. Then click the account you want.

2. Indicate that you want to record a debit transaction.

To tell Money that you want to record a debit transaction, first click the Withdrawal tab in the transaction entry area. Then click the New button, select the Common Withdrawals list, and select Debit Card Purchase. Money opens up input boxes,
or fields, in the transaction entry area that you use to record information about the debit transaction.

3. Provide the debit reference number.

Use the Number box to record the debit reference number. It’s also fine to leave this field empty.

4. Provide the debit transaction date.

Select the Date box by either pressing the Tab key or clicking the mouse and then entering the withdrawal date. You can type a date using the regular date format, or click the box’s button to display a pop-up calendar that you can use to select the date.

5. Identify the person you are paying.

Press the Tab key or click the mouse to select the Pay To box. Then enter the name of the person or business you are paying with the debit transaction. Alternatively, click the Pay To box’s button so that Money displays a list of past payees. Then select a name from the list by clicking.

6. Record the debit amount.

Press the Tab key or click the mouse to select the Amount box. Then enter the debit amount. Or click the Amount box’s button to display a pop-up calculator you can use to calculate and enter the debit amount.

7. Categorize the debit transaction.

To categorize the debit transaction, press the Tab key or click the mouse to select the Category box. Next, click the Category box’s button so that Money displays a list of categories you can use to describe the reason for your debit transaction. Then click a category.

You can also record a subcategory for the debit transaction. To do this, press the Tab key or click the mouse to select the Subcategory box. Next, click this box’s button so that Money again displays a list - this time a list of subcategories. Then click a subcategory.

8. (Optional) Record a memo description.

If you want to collect additional information about the debit transaction, press the Tab key or click the mouse to select the Memo box. Then enter any additional information you want to store in the field.

9. Record the debit transaction.

Once you have correctly described the debit transaction, click the Enter button. This tells Money to record the withdrawal in the register. As soon as Money records the debit transaction in your register, it also updates the account balance.

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