Loan account - which account do the payments come from?

Hi,

Something else that's giving me trouble.

I've set up a loan account - all seems to be fine. It's a three year
loan, and the first two payments had already been made when I set the
thing up in Money. Money coped with this fine, and within the register
of the loan account it now accurately shows the first two payments and
the principal-element of each payment, together with the diminishing
value of the outstanding loan.

However, it doesn't seem to be linked in any way to the account from
which the payments are actually being made. Conceptually it seems to
me that the loan payments are made up of

1) an expense element (the interest)  which needs to be debited from
the bank account from which the payment is made, and

2) a transfer from the paying account to the loan account, whereby the
amount outstanding is reduced.

Anyway, how do Iink the regular monthly "bill" which I've set up
within the account from which payments are made to the loan account
itself?

Cheers!

Martin
0
4/27/2008 4:35:21 PM
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You don't mention version/edition or whether you are using Advanced Register 
and Advanced Bills. The following answer assumes M04 or earlier or 
M05-M07/M+ Deluxe with Advanced Register/Bills and NOT Money Essentials 
Edition (MEss).

There is a transaction type that DOES EXACTLY what your mental model 
suggests. It's called Loan Payment. It splits each payment into two 
components EXACTLY As you imagine. You enter one into the account making the 
payment. Loan Payment splits the payments into a component called Principal 
Transfer and a component of interest expense using the category you 
specified when you setup the loan.

When entering a transaction look in the Special Categories way down at the 
bottom or just type out Loan Payment. You can also schedule a Loan Payment 
in the Bills and Deposits.

<martin_pentreath@hotmail.com> wrote in message 
news:85bdd807-1ccd-4e41-a586-9251b90c5df7@j22g2000hsf.googlegroups.com...
> 1) an expense element (the interest)  which needs to be debited from
> the bank account from which the payment is made, and
>
> 2) a transfer from the paying account to the loan account, whereby the
> amount outstanding is reduced. 

0
4/27/2008 8:41:03 PM
To be clear: type Loan Payment in the Category field. It will ask which loan 
account you are paying to if there are multiple Loan Accounts. I think if 
there is just one, it doesn't ask.

"Dick Watson" <littlegreengecko@mind-enufalready-spring.com> wrote in 
message news:eiqLQcKqIHA.4492@TK2MSFTNGP02.phx.gbl...
> or just type out Loan Payment. 

0
4/27/2008 8:44:55 PM
On 27 Apr, 21:41, "Dick Watson" <littlegreenge...@mind-enufalready-
spring.com> wrote:
> You don't mention version/edition or whether you are using Advanced Register
> and Advanced Bills. The following answer assumes M04 or earlier or
> M05-M07/M+ Deluxe with Advanced Register/Bills and NOT Money Essentials
> Edition (MEss).
>
> There is a transaction type that DOES EXACTLY what your mental model
> suggests. It's called Loan Payment. It splits each payment into two
> components EXACTLY As you imagine. You enter one into the account making the
> payment. Loan Payment splits the payments into a component called Principal
> Transfer and a component of interest expense using the category you
> specified when you setup the loan.
>
> When entering a transaction look in the Special Categories way down at the
> bottom or just type out Loan Payment. You can also schedule a Loan Payment
> in the Bills and Deposits.

Thanks Dick, exactly what I was looking for, I evidently just didn't
look hard enough, I must learn to scroll to the bottom of the list!
Incidentally, I'm using UK Money, version 14.0.120.1105 (c) 2004 - it
works just as you describe.
0
4/27/2008 10:53:35 PM
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