Where are the Loan Proceeds?


M

Marina G

I have set up a loan in Money 2003 Canadian Edition.

The loan proceeds are being deposited into one of my
other accounts. However, MS Money doesn't give me an
option to deposit it anywhere. Now that the loan account
shows a negative balance (the amount borrowed), I cannot
transfer money from that account to my other account
without the loan amount effectively being doubled.

Now I am only showing one side of the transaction.
Please help.

Thanks,
Marina
 
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W

WB3FUP \(Mike Hall\)

Ah ha, another accountant trapped in a single entry product. Set up the
loan with zero proceeds if you want to book both sides of the transaction
as any sane accountant would want to.

--
73 es cul

wb3fup
a Salty Bear
Licensed Public Accountant
 
M

Marina G

Thanks Mike. Does this mean I can't have Money calculate
the interest?
 
C

Cal Learner-- MVP

Thanks Mike. Does this mean I can't have Money calculate
the interest?
The common way to do this is to make a no-category transaction into
the checking account to account for the loan proceeds. Another way
is to create an account with an initial balance equal to the
proceeds, and transfer the money from that account. Of course Mike's
reasonable implication is that Money should make the emergence of
the cash to be part of the loan creation.
 
B

Barry

-----Original Message-----
I have set up a loan in Money 2003 Canadian Edition.
Marina, I had this problem a year ago and still haven't
figured it out. Please let me know if anyone answers you.
 
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R

Richard Bollar, MVP

That's right. The way to get the loan proceeds into the other account is to
either change the starting balance of the account, or create a transaction
in the amount of the loan without a category.

--
 
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