Loan Proceeds

[Rick Beckenhauer]

I use MONEY 2004. When I tried to set up a loan and
assign the loan proceeds to a bank account (checking), I
found out after talking to tech support that this CANNOT

 

[Cal Learner-- MVP]

I use MONEY 2004. When I tried to set up a loan and
assign the loan proceeds to a bank account (checking), I
found out after talking to tech support that this CANNOT

You can set up the loan, but additionally write the amount of the
proceeds to your checking account using a transaction without a
category.

 

[Mark]

When setting up the Loan associate an Asset to it (i.e. House, Car, etc).
Then from that asset account, transfer the amount that went to Checking. Say
for example it was a home improvement loan, associate it to the Home asset
account, transfer the funds to Checking and then after making the actual
improvements, you can add "increase" transactions in the Home asset account
to reflect the "hopeful" increase in value.

-Mark