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#1
06-29-2004, 02:29 AM
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 Re: Can one acct sync with another? Awesome. Thanks Scott. I'm learning... "Scott Tyler" <agent_scotty-at-hotmail-dot-com> wrote in message news:uzQaVBKXEHA.2844[at]TK2MSFTNGP12.phx.gbl... - quote - > "mandg" <gscanga[at]email.uophx.edu> wrote in message > news:aoSdnQq5XflV1ELdRVn-vA[at]comcast.com... > > Is there a way to have one of my Loans and Liabilities accounts sync up > with > > my Checking acct? > > > I have my Auto set up under the Loans and Liabilities but and I would like > > for this account to sync up and reflect those payments made in my Cecking > > account. Can the Loans and Liabilities accounts do this or are they simply > > just for looks? > > > How are you classifying your payments? > If you use "Car Payment", it's just an expense that goes nowhere. > If you use "Loan Payment : [Name of loan]", part of the payment will pay > down the principal, and the rest will be expensed as interest. This should > effectively sync the two accounts. The equity in the asset account should > increase, and your net worth should decrease by the amount of the interest > and depreciation (assuming you manually enter depreciation in the asset > register) > If you later get a mailed or online statement, you can adjust the > principal/interest split for each payment if it doesn't match the bank. > Otherwise, you can adjust it at payoff to zero out the loan. > -- > Scott Tyler > agent_scotty-at-hotmail-dot-com |
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06-27-2004, 11:42 PM
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| Re: Can one acct sync with another? "mandg" <gscanga[at]email.uophx.edu> wrote in message news:aoSdnQq5XflV1ELdRVn-vA[at]comcast.com... - quote - > Is there a way to have one of my Loans and Liabilities accounts sync up
How are you classifying your payments?with > my Checking acct? > I have my Auto set up under the Loans and Liabilities but and I would like > for this account to sync up and reflect those payments made in my Cecking > account. Can the Loans and Liabilities accounts do this or are they simply > just for looks? If you use "Car Payment", it's just an expense that goes nowhere. If you use "Loan Payment : [Name of loan]", part of the payment will pay down the principal, and the rest will be expensed as interest. This should effectively sync the two accounts. The equity in the asset account should increase, and your net worth should decrease by the amount of the interest and depreciation (assuming you manually enter depreciation in the asset register) If you later get a mailed or online statement, you can adjust the principal/interest split for each payment if it doesn't match the bank. Otherwise, you can adjust it at payoff to zero out the loan. -- Scott Tyler agent_scotty-at-hotmail-dot-com |
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#-1
06-27-2004, 10:27 PM
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| Can one acct sync with another? Is there a way to have one of my Loans and Liabilities accounts sync up with my Checking acct? I have my Auto set up under the Loans and Liabilities but and I would like for this account to sync up and reflect those payments made in my Cecking account. Can the Loans and Liabilities accounts do this or are they simply just for looks? |
| Tags |
| acct, sync |
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