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Double Entries?

kmlenha49

I set up a Home Equity LOC account and get that updated online. I have my payments taken out of my checking account and I use 2 categories for the principal and interest. But when I look at a cash flow statement the amounts offset so the amounts paid for principal and interest are both zero. How should I categorize the download transactions in the LOC account so they do not zero out the expense categories.

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kmlenha49

Thank you. I finally worked it out. The direct download of the LOC from the bank had the amount of the principal decreasing the balance but I had the category wrong. I just changed the category into the same account and now it does not give me a zero balance on the expenses.

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Mark1104

On the Cash flow report under the Banking section, there is an "advanced" tab. How do you have the 'transfers' option set? Exclude all or Include all?

q_lurker

@kmlenha49: I am not using an LOC acocunt and if I did, I would be cautious with respect to the setup and downloading to it (likely I would not download to it). I believe the conventional wisdom has been to setup an LOC account as a credit card.

With that precursor, I would expect your checking account transaction to serve as a split transaction with the Interest component going to whatever interest category you are using and the principle component going in as a transfer to the LOC account (paying off that part of the balance).

A subsequent download for the LOC account would (I'd expect) match the principle payment to the transfer from the checking account. I suppose a downloaded interest charge transaction (adding to total IOU) could also be recorded against the selected interest category, in which case interest payment from the checking account would also be a transfer from the checking account. Your LOC records would look like

a) Principle payment from [Checking] reducing total balance
b) Interest change on account adding to total balance
c) Interest payment from [Checking] reducing total balance.

Obviously (?) the two transfers from [Checking] could also be one transaction.

kmlenha49