Home Equity Line of Credit


D

Dave

I have a home equity line of credit. I have my bank pay some amount every
month. The amount paid down loads fine in the bank account. I set up a home
equity load account that down loads the data from the bank that hold the line
of credit. So once a month I see a debit in my bank account and a credit in
my home account but when I down load information from the home account the
interest, principle and the amount I paid all show up as a credit basically
showing by as a double payment and I have to create a dummy entry to balance
my account. I have some what the same problem with my mortage payment.
What is the recommended way to set up these types of accounts
Thanks
 
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D

Dick Watson

At least one of us would argue that the best way to set any of this up is
the way that doesn't involve the downloaded data that just messes it all up
anyway.
 
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C

Chris Cowles

Dave said:
I have a home equity line of credit. I have my bank pay some amount
every
month. The amount paid down loads fine in the bank account. I set
up a home
equity load account that down loads the data from the bank that
hold the line
of credit. So once a month I see a debit in my bank account and a
credit in
my home account but when I down load information from the home
account the
interest, principle and the amount I paid all show up as a credit
basically
showing by as a double payment and I have to create a dummy entry
to balance
my account. I have some what the same problem with my mortage
payment.
What is the recommended way to set up these types of accounts
Thanks

My AmSouth HELOC is set up as a credit card. I treat payments to it
(rare, because it's dormant) as a transfer, just like other "Credit
Card Payment: Account" categorizations. It downloads just fine. Just
match the downloaded transaction to the existing register
transactions, and it all balances without hassle.
 

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