2 different loan payments within 1 transaction

Hi,

I'm using MS Money 2006 and I love the functionality so far, but I have 
recently run into this new problem.  It's kind of a rare occurence, so I hope 
someone can help me out.

I have 2 student loan accounts, one subsidized and one unsubsidized so they 
can't be consolidated further.  Both of these loan accounts are set up 
separately within MS Money.  The problem seems to be that only ONE combined 
payment (transaction) goes towards both loans at once.  This one lump sum 
gets automatically divided at roughly 85%/15% between the loans.

Now, I've split income transactions before (counter deposits and the like) 
into multiple categories.  Unfortunately, I can't seem to be able to split 
this payment between the two loans properly.

The only solution I can think of is reconfiguring money to show my two loans 
as one, even though this isn't the case and would require a lot of 
maintenance.

Thank you for your time and I appreciate any help you can provide,
Matthew
0
6/2/2006 11:15:02 PM
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Money's design prevents a split from being, in turn, split. A Loan Payment 
is a form of split. Thus you can't have two loan payments in a split. If I 
were designing it, this restriction wouldn't exist. But I didn't write it 
and this is its limitation.

The best way to do this is either two transactions where you make one--this 
makes balancing vs. statements and downloads hard. The next best way is an 
intermediate account that takes the combined payment as a transfer and then 
makes two loan payments that add up to the amount of the transfer. Thus the 
balance of the intermediate account is always unaffected by this activity. 
You can create a cash account (something like "(intermediate acct for loan 
pmnts)" or just use, say, a pocket change account, if you already have one 
of those.

The last person I gave this answer to didn't like it and swore there must be 
many Money users with this exact problem and they ought to redesign it to 
deal with the case. You're now the second to ever pose this requirement. 
Were I you, I'd not wait for the redesign.

"CKRanger11" <CKRanger11@discussions.microsoft.com> wrote in message 
news:B7877A40-D539-4ECF-8FC3-7BD88E4F468E@microsoft.com...
> I'm using MS Money 2006 and I love the functionality so far, but I have
> recently run into this new problem.  It's kind of a rare occurence, so I 
> hope
> someone can help me out.
>
> I have 2 student loan accounts, one subsidized and one unsubsidized so 
> they
> can't be consolidated further.  Both of these loan accounts are set up
> separately within MS Money.  The problem seems to be that only ONE 
> combined
> payment (transaction) goes towards both loans at once.  This one lump sum
> gets automatically divided at roughly 85%/15% between the loans.
>
> Now, I've split income transactions before (counter deposits and the like)
> into multiple categories.  Unfortunately, I can't seem to be able to split
> this payment between the two loans properly.
>
> The only solution I can think of is reconfiguring money to show my two 
> loans
> as one, even though this isn't the case and would require a lot of
> maintenance. 


0
6/2/2006 11:51:42 PM
Thank you for your very detailed explanation.  It's a shame that the 
limitation exists, but I'll take solace in the fact that I'm not insane 
and/or incapable of figuring the darn software out.

I don't know if you have an affiliation with MS or even if it's proper to 
discuss the competition on this newsgroup, so my apologies if this ruffles 
feathers.  But would you happen to know if Quicken has this limitation?  I'm 
sure that I'd be able to implement the solutions you mentioned, it's just 
that if it takes extra manual work for the next 14.5 years of my student 
loans, I'd like to find a way to do it automatically.

I suppose another option would be paying off the student loan ASAP, but 
where would the fun be in that? :)

Thanks again,
Matthew
0
6/3/2006 1:25:01 AM
I'm not affiliated with MS, and we frequently discuss 
limitations/alternatives here. I suspect but do not know that Quicken has a 
similar limitation. At their cores, these are two very similar products.

As for automagic, schedule all three activities and set them up to enter 
automatically. It can't get better than that.

"CKRanger11" <CKRanger11@discussions.microsoft.com> wrote in message 
news:0777D774-92BA-4589-9161-8B5223F07AAE@microsoft.com...
> I don't know if you have an affiliation with MS or even if it's proper to
> discuss the competition on this newsgroup, so my apologies if this ruffles
> feathers.  But would you happen to know if Quicken has this limitation? 
> I'm
> sure that I'd be able to implement the solutions you mentioned, it's just
> that if it takes extra manual work for the next 14.5 years of my student
> loans, I'd like to find a way to do it automatically. 


0
6/3/2006 1:40:31 AM
Thanks again for your post, you've been a huge help.  I shall do my best to 
automate the process, but I'm not too confident at the moment.  If you don't 
mind that I ask one more favor, could you elaborate a bit on this part?:

"The best way to do this is either two transactions where you make one--this
makes balancing vs. statements and downloads hard."

I'm not quite sure of the exact process you're suggesting, but if it's the 
best way I'd like to try it.

Thanks again,
Matthew
0
6/3/2006 2:46:02 AM
Assuming that none of the following are involved: a) printed checks, b) 
Money-initiated Bill Pay, and c) downloaded transaction data that would 
suggest otherwise, you can replace one transaction like:

MyLoanCo, $100.00, Loans:Student, memo: too bad I can't split this as needed 
into two Loan Payment transactions

with two different transactions like:

MyLoanCo, $70.00, Loan Payment:Student Loan Acct #1, memo: actually part 1 
of 2 of one transaction that gets to the bank
MyLoanCo, $30.00, Loan Payment:Student Loan Acct #2, memo: actually part 2 
of 2 of one transaction that gets to the bank

Oh, and one other method comes to mind: You could just track these as a 
category or categories rather than full Loan type Liability Accounts. This 
would make transactions like:

MyLoanCo, $100.00, memo: combined payment, splits: $70.00 Loans:Student #1, 
memo: the big one, and $30.00 Loans:Student #2, memo: the little one

You loose some things like net worth reporting that views this as a transfer 
offsetting a liability, balance tracking in Money and easy ability to 
collect the amortized interest expense within Money. I bet you get the 
latter two in statements.

"CKRanger11" <CKRanger11@discussions.microsoft.com> wrote in message 
news:76D5B741-2AD6-47CE-BD80-3995607B77B0@microsoft.com...
> Thanks again for your post, you've been a huge help.  I shall do my best 
> to
> automate the process, but I'm not too confident at the moment.  If you 
> don't
> mind that I ask one more favor, could you elaborate a bit on this part?:
>
> "The best way to do this is either two transactions where you make 
> one--this
> makes balancing vs. statements and downloads hard."
>
> I'm not quite sure of the exact process you're suggesting, but if it's the
> best way I'd like to try it. 


0
6/3/2006 3:05:30 AM
Reply:

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