Funding a bank account from loan

I opened a loan where a cashier's check was given to me that I
deposited in another account.

I setup the loan properly (done this before). But I can't find out how
I can transfer the amount from the loan to another account? Is that
even possible?

Else, I just entered it as a deposit in another account.

Thanks!

via_newsgroup
Thu Mar 17 16:08:09 CST 2005

In microsoft.public.money, goldenset@gmail.com wrote:

>I opened a loan where a cashier's check was given to me that I
>deposited in another account.
>
>I setup the loan properly (done this before). But I can't find out how
>I can transfer the amount from the loan to another account? Is that
>even possible?
>
>Else, I just entered it as a deposit in another account.

Yes. Make it a deposit with no category. Put a Memo that it is from
the loan.

Dick
Thu Mar 17 17:03:31 CST 2005

Money does not provide an easy/direct/by design way to transfer proceeds
into or out of a loan origination. There is a workaround identified in
http://umpmfaq.info/faqdb.php?q=86.

<goldenset@gmail.com> wrote in message
news:1111097074.732553.130100@l41g2000cwc.googlegroups.com...
> I opened a loan where a cashier's check was given to me that I
> deposited in another account.
>
> I setup the loan properly (done this before). But I can't find out how
> I can transfer the amount from the loan to another account? Is that
> even possible?
>
> Else, I just entered it as a deposit in another account.
>
> Thanks!
>

goldenset
Fri Mar 18 13:48:02 CST 2005

Thanks. Thought there was a way around just making it into a regular
deposit.

via_newsgroup
Fri Mar 18 13:53:33 CST 2005

In microsoft.public.money, goldenset@gmail.com wrote:

>Thanks. Thought there was a way around just making it into a regular
>deposit.


There is a way, but it is harder: create an account with an initial
balance to reflect the loan proceeds. Transfer the money from that
account.