Use an approximation or just 0% or whatever. In a credit card or similar
liability account this value is used almost nowhere. (DRP?)

"st4155" <st4155[at]discussions.microsoft.com> wrote in message
news:03065F26-1C26-4679-8B12-6DE00B7095D4[at]microsoft.com...
- quote -

To set it up as HELOC, it wants to know the interest rate, lol. What do I do
now?

"Dick Watson" wrote:

- quote -

Frank I have been searching extensively for anyone that has this loan. I
have strongly considered this for some time now but have never actually
located anyone with personal experience other than the broker telling me how
great it is. Could you let me know how it is working out and if you feel
comfortable with this, any other advice??

"Frank" wrote:

- quote -

Yah, if the HELOC is actually synonymous with the mortgage, it seems a more
appropriate vehicle than a Loan Account. This should be straightforward.

"Frank" <Frank[at]discussions.microsoft.com> wrote in message
news:63B0173F-DB93-4092-93D6-EF31E7A6051C[at]microsoft.com...
- quote -

Dick, Thanks for the help. Sounds like a pretty normal set-up.

Set up the HELOC as a HELOC Loan in MS Money.
Set up the Sweep Checking as a Checking Account in MS Money.

Categorize the sweeps as transfers from Checking into HELOC, which I can
download from the bank.

From HELOC monthly statements, enter the Finance Charges which actually
increases the Principal Balance so that is easy enough to set-up as well.
The Finance Charges are actually paid by the HELOC.

This is pretty cool. Thanks!!!



"Dick Watson" wrote:

- quote -

Hmmm. I can see lots of ways to do this, none of them all that great.
Ultimately, however, several things have to be true.

1) They have to recognize changes in the balance of the loan for principal
transferred and interest expense accrued for the loan. They must do both of
these to know how much your balance is and to know how much interest expense
to report to the IRS. Whether this comes from the HELOC or the checking
account seems like a distinction that matters to their computer a whole lot
more than it matters to your Money file.

2) They have to recognize deposits and withdrawals from the checking
account. Again, if they don't do that, they can't have a balance.

All of the internal machinations between these two could be completely
ignored if not for the downloaded data. If you were entering by hand, you
could enter interest accrued, deposits and withdrawals all by themselves and
what's left over is, then, almost by definition, the principal transferred.
Those can all be entered as transactions--though the Loan Payment might be
hard to schedule.

I think trying to track the daily movement of Money in this system of three
accounts in Money will be a PITA. If you download any data anywhere, you are
probably going to have to do all three accounts. The downloads for the
checking account should take care of part. Make sure transfers between the
checking account and the HELOC get "categorized" correctly as Transfers in
Money. Do the Loan Payments from the HELOC to the Loan using data off of the
mortgage statements for principal and interest. Done.

"Frank" <Frank[at]discussions.microsoft.com> wrote in message
news:FB8841AE-0935-436C-9734-9198B1318FC9[at]microsoft.com...
- quote -

I have a new home mortgage product called a Home Ownership Accelerator. I
will be able to pay off my home in about 12 years versus a standard 30 year
mortgage. It is basically a HELOC (interest calculated daily) and is tied to
a checking account that sweeps deposits and withdrawals to the HELOC Account.
The checking account is always at a zero balance.

Any ideas on how to set this up in MS Money 2006 Standard? I can download
the checking account information but the mortgage statement is not
downloadable.