A third great way. Probably better than the other two and yes, the ability to
enter these kinds of charges during the balance account wizard is exaclty
what that is there for. Note that this ends up making transactions exactly
like one of the two methods I posted.

"ScottW" wrote:

- quote -

When I make a payment, I book it as a transfer from savings/checking to
HELOC account. When I reconcile the statement, I enter interest charged for
the month in the interest area of the rec box & everything works out fine.

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:uxSuxBfQJHA.1448[at]TK2MSFTNGP04.phx.gbl...
- quote -

…$9,750 and the $150 in Interest Expense : HELOC Interest will…

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:upmxvMdQJHA.3404[at]TK2MSFTNGP05.phx.gbl...
- quote -

Since a HELOC allows non-fixed payments, the way to do this is a two step
activity. You have to enter principal payments to offset the liability
balance. And you have to enter interest expenses. There are basically two
choices on how to do this.

1) Enter expense transactions in the HELOC account register that represent
the interest Expense component. To do this you just enter the transaction
like any other as a Charge in the amount of interest reported on your
statements. Then make the payment just as a Transfer into the account. (It
will show as Credit.) Example: say you have a $10,000 balance and get a
statement that says you owe $400 and were charged $150 in interest. Enter
the Expense transaction of $150--balance now $10,150. Enter the $400
Transfer--balance now $9,750.

2) Split the payment transaction to include both a Transfer and a Expense
component for the interest. Example: say you have a $10,000 balance and get
a statement that says you owe $400 and were charged $150 in interest. Enter
a $400 transaction in, say, your checking Account. Split this transaction
into the Expense transaction of $150, category, say Interest Expense : HELOC
Interest, and a $250 Transfer to the HELOC. The HELOC balance will now be
$9,750 and the $250 in Interest Expense : HELOC Interest will also have been
recorded.

If you don't know how the bank calculates interest and principal before you
make the payment, your only good choice is to go fix it after the fact when
you get the next statement.

"lanekp" <lanekp[at]discussions.microsoft.com> wrote in message
news:5F4C300F-37EF-4462-97D6-71373ABFEB48[at]microsoft.com...
- quote -

Using Money Plus Home & Business.
I created a HELOC account and have a simple question.
The account register has one column named "Charge"
and another named "Credit".
When I withdraw from the account, the xaction shows
up on the "Charge" column, when I deposit into the account the
xaction shows up in the "Credit" column.

Here's my question:

How can I track my interest and principal payments in my HELOC
account?

If I have an outstanding balance and make a deposit, of say, $100.00 into
the account, that $100 deposit gets put into the "Credit" column and the
account balance goes down by $100.00. In other words, it doesn't calculate
the interest and principal of the $100.00, it treats the entire amount as
principal.

Of course, my bank is charging me interest on the outstanding balance
so my Money acct is out of sync with my bank statement.
goes down by $100.00.