unofficial microsoft.public.money FAQ and A
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Q) Money won't let me make a Loan Payment from my Paycheck. Why not? What do I do?
A) A paycheck is a specialized instance of the generalized form of split transaction. A loan payment is a specialized instance of the generalized form of split transaction. In Money, a transaction that is a split of another transaction cannot itself be split. Thus, a loan payment cannot be made from a paycheck.
The general way to accomplish this is in two transactions via a holding account. E.g., transfer the payment amount to the associated Asset Account in the Paycheck and then schedule the Loan Payment to be made from the Asset Account. Yes, it creates a bunch of silly looking paired +x Transfer, -x Loan Payment Transactions in the Asset Account. But there is no other way to record it in Money.
There is an MSKB article with more detail on doing this; the reference is courtesy of Kimberly Renna, Microsoft MVP - Consumer Products.
References:
MSKB: Q148280 Loan payments from paycheck
Please see this disclaimer if you are using Money 2005 or this comment if you are using Money 2006.
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Last update: 10 December 2006 |
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