Re: Graduated Student loan account by Jeff
Jeff
Sat Aug 16 18:53:46 CDT 2003
Here is what I would do assuming you pay from your checking account to your
student loan:
1a.) Backup your money file
1b.) Create a new liability account
2.) Write down your current checking account balance
3.) Assuming two years of payments, create 24 transfers from your checking
account to the liability account. Transfer is the key here.
4.) In the liability account, credit the account with 24 interest payments.
Or, you can do this in just one entry (doesn't really matter, but 24
payments show exactly what happened)
5.) Delete the old payments from your checking account
6.) Delete the old loan
7.) In Bills and Deposits, create a new monthly transfer
Here is another option -- Create a new liability account with a zero dollar
balance. Transfer the account balance from the student account loan to the
new liability account. In essence, paying off the old loan. Then close the
old student loan account and eventually delete it at some point in the
future. Go to Bills and Deposits and create a new monthly transfer for the
new liability account.
Jeff
"Jamie" <kokopelli2305@REMOVE.hotmail.com> wrote in message
news:OJy4N$6YDHA.1816@TK2MSFTNGP09.phx.gbl...
> I was just looking into that but I can't figure out how to pay a
liability.
> It doesn't show when I go to my bills and deposits. I also looked at
> editing the current transactions but seems like it is impossible to change
> the payment to the liability account. Any suggestions?
>
> Jamie
>
>
> "Jeff Durham" <root@localhost> wrote in message
> news:eDI%230z6YDHA.4020@tk2msftngp13.phx.gbl...
> > Probably the simplest thing to do is to create the new liability and
> reenter
> > the transactions. Presumably, if you pay it once a month and it is two
> > years old, then you only have 24 transactions to enter. If it works,
then
> > just delete the old account. If it doesn't work out, no harm done --
> delete
> > the newly created liability.
> >
> > Jeff
> >
> >
> > "Jamie" <kokopelli2305@REMOVE.hotmail.com> wrote in message
> > news:%23d$Bfg6YDHA.2284@TK2MSFTNGP12.phx.gbl...
> > > Is there a way to change the current account? I don't want to lose
the
> > > information. It was working good for 2 years until now when I had to
> > change
> > > the payment.
> > >
> > > Jamie
> > >
> > >
> > > "Jeff Durham" <root@localhost> wrote in message
> > > news:ugjnI9yYDHA.2404@TK2MSFTNGP10.phx.gbl...
> > > > Perhaps you can try setting up a liability account. The
housekeeping
> > will
> > > > have to be performed by you though. For instance, let's say you
make
> a
> > > > payment of $150. This should be a transfer from your checking
account
> > to
> > > > the liability account. Then in your liability account you will need
> to
> > > add
> > > > a transaction to account for the interest. I haven't looked, but
you
> > may
> > > be
> > > > able to deal with the interest if you balance the account rather
than
> > > having
> > > > to enter a specific interest transaction. It is more or less the
same
> > > thing
> > > > though.
> > > >
> > > > Jeff
> > > >
> > > > "Jamie" <kokopelli2305@REMOVE.hotmail.com> wrote in message
> > > > news:OGRfYdhYDHA.2548@TK2MSFTNGP09.phx.gbl...
> > > > > How does one properly setup a loan account with this type of loan?
> > > Money
> > > > > always wants a fixed payment for every month. Mine changes every
2
> > > years
> > > > > and it won't accept the payment I'm giving it now because it
thinks
> it
> > > is
> > > > > low.
> > > > >
> > > > > Jamie
> > > > >
> > > > >
> > > >
> > > >
> > >
> > >
> >
> >
>
>