So, you took out a loan?

It's not clear what you mean when you say "I do have a separate loan account
that I have set up, and want the amount I put in my checkbook register to
come off of that amount as well." Come off?

Are you talking about payments to the loan? If so, generally, Loan Accounts
are the targets of Loan Payment transactions that are, (almost entirely) by
definition, split into at least two components. The first is the transfer of
principal. That either pays down the liability or reduces the receivable
asset. It transfer from or to the cash account making the payment or
receiving the payment--this is the account where you enter the Loan Payment.
(Again, depending on whether you borrowed or loaned.) Since it's a transfer,
it's neither Income nor Expense. The second component of a Loan Payment is
the calculated interest for the payment. This portion IS either Income or
Expense, depending again on whether you loaned or borrowed.

You may be asking how to setup the Loan Account and account for the loan
proceeds at the same time. You'd LIKE TO THINK that Money would provide a
neat way to do this that, say, Transfers the loan proceeds from the new
Liability to an Asset account somewhere. It doesn't. There are ugly ways to
fake this out. (See the tail end of http://umpmfaq.info/faqdb.php?q=86.) I
prefer just entering a transaction with a category I understand to not be
taxable or real income, say Other Income : Loan Proceeds Received and use a
memo entry to clarify where it came from.

"Patrick Q" <hamptony2k[at]hotmail.com> wrote in message
news:axGGj.40441$TT4.20978[at]attbi_s22...
- quote -

I'm trying to figure out how to enter a loan in my check register without it
showing up as Income that I would pay tax on or that I would want to declare
as income.

I understand that the payback is an expense, but am unsure how to make it
work right.

I do have a separate loan account that I have set up, and want the amount I
put in my checkbook register to come off of that amount as well.

Any help would be appreciated....I have Money Home and Business 2007.

Thanks!


--
---
Patrick