Category Issue

Hi Folks!

I have a loan that I set up in Money 2004. I set up a
budget that takes in account what amount I spend to
service the loan each month. The category that the budget
function in Money uses is called "Loan: xyz." Okay, after
doing that I thought everything was fine and dandy.
However, here is the problem: I pay my loan using my
checking account. When an entry is made to pay my loan
the category that I'm using is "Transfer: Loan: xyz." The
problem is, how does the budget know that I have paid the
loan when my checking entry is using the "Transfer: Loan:
xyz" category? If I just use the "Loan: xyz" category
then the xyz account doesn't show an entry which credits
the account; therefore, the balance is declining.

What should I do? What procedure should I use?

Many thanks!

- Lawrence

Larry
Wed Sep 29 20:54:24 CDT 2004

The category you should be using in the register should be "Loan Payment :
xyz" This will record a "Payment" and therefore the budget should notice
it.

Now, in all reality, the "Transfer To : xyz" should do the same thing for
you in regards to the budget. This is recorded under the "Debt" category in
the budget.

Larry


"Lawrence" <lawrencesmith97@hotmail.com> wrote in message
news:0ce401c4a644$dc37fc20$a401280a@phx.gbl...
> Hi Folks!
>
> I have a loan that I set up in Money 2004. I set up a
> budget that takes in account what amount I spend to
> service the loan each month. The category that the budget
> function in Money uses is called "Loan: xyz." Okay, after
> doing that I thought everything was fine and dandy.
> However, here is the problem: I pay my loan using my
> checking account. When an entry is made to pay my loan
> the category that I'm using is "Transfer: Loan: xyz." The
> problem is, how does the budget know that I have paid the
> loan when my checking entry is using the "Transfer: Loan:
> xyz" category? If I just use the "Loan: xyz" category
> then the xyz account doesn't show an entry which credits
> the account; therefore, the balance is declining.
>
> What should I do? What procedure should I use?
>
> Many thanks!
>
> - Lawrence