Home Equity Line of Credit

#1 07-01-2007, 04:26 PM

"Dave" <Dave[at]discussions.microsoft.com> wrote in message
news:56CF502A-23EB-4DEE-A1C5-0C9B200B1BBC[at]microsoft.com...
- quote -

> 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.
--
Chris Cowles
Gainesville, FL

06-26-2007, 03:58 AM

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.

"Dave" <Dave[at]discussions.microsoft.com> wrote in message
news:56CF502A-23EB-4DEE-A1C5-0C9B200B1BBC[at]microsoft.com...
- quote -

> 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

#-1 06-26-2007, 02:00 AM

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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