Posting Principal Payments throught the Check Register.


R

RichPar

Money 2007 will not let me post a principal payment for a loan I set up years
ago. This only recently happened. I have been posting split payments for
years. When I search for principal transfers, the only company that doesn't
show up is the lender I originally set up. I've tried everything. Any
suggestions
 
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D

Dick Watson

Yup.

Create a Loan Payment : [name of account] transaction. Edit the splits.
Delete the interest expense as appropriate. Edit the Principal Transfer to
the amount you want. There is no other way to do a Principal Transfer but in
the context of a Loan Payment.

Silly restriction and new from the Money of yore, but there it is.
 
P

Paul Shapiro

I don't know if it's any different than calling it a loan payment, but I've
entered it in M2K7 as a transfer into the loan account.
Paul Shapiro

Dick Watson said:
Yup.

Create a Loan Payment : [name of account] transaction. Edit the splits.
Delete the interest expense as appropriate. Edit the Principal Transfer to
the amount you want. There is no other way to do a Principal Transfer but
in the context of a Loan Payment.

Silly restriction and new from the Money of yore, but there it is.

RichPar said:
Money 2007 will not let me post a principal payment for a loan I set up
years
ago. This only recently happened. I have been posting split payments
for
years. When I search for principal transfers, the only company that
doesn't
show up is the lender I originally set up. I've tried everything. Any
suggestions
 
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Advertisements

D

Dick Watson

IIRC, it depends greatly on what kind of Loan Account you have. There are
two kinds. One is the kind that allows Transfer:[name of liability account]
and the other is the kind that only allows Loan Payment:[name of loan
account].

Money added this distinction somewhere along the way to distinguish a simple
"Loan" Account, where you aren't specifying parameters for a fixed
payment/term loan that it just treats like a Liability Account without
really telling you that's what it's doing--I'm guessing they want to hide
the complexity from the poor bewildered user who thinks it was a Loan but is
willing to tell the setup genie that he doesn't really want to treat it like
one--from the type of "Loan" Account where you specify the parameters for a
fixed payment/term loan and it will calculate the interest component
automatically in the Loan Payment Special Category. The Loan Payment Special
Category is actually a hybrid of a transfer and an expense and only applies
to the latter kind of "Loan" Account.

At least that's where I think we are disconnecting. I haven't actually tried
a Transfer: to a Loan Account of the latter type for several versions. Maybe
you can now Transfer: to them.
 

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