Home equity line payment

Question

I have a home equity line of credit that I make monthly payments to. I transfer the payment amount from my basic account to the equity line as a transfer. The amount is transfered but is there any way to have that payment (transfer) reflect both the intrest payment and principal?

I am using Quicken Classic Premier build 857.16

UKR · Answer

Before you read more about creating a Split transaction, please tell or show us in your HELOC account register how the bank tells you how much of your monthly payment is principal and how much is interest.

Usually, from what I've seen,

* the bank posts a separate interest charge transaction to your HELOC register. This would be categorized as HELOC:Interest (or similarly named category) and increases your total outstanding loan balance
* your monthly payment transaction is a straight transfer from Checking to HELOC, categorized with the name of the HELOC register in [square brackets], e.g., [XYZ Bank HELOC] and reduces your total loan balance

No Split transaction required here.

NotACPA · Answer

A transfer, whether in a split or not, is indicated by enclosing the name of the target account, enclosed in Square Brackets, as the category of the banking transaction.  E.G, [HELOC].

4birdie · Answer

I don't see any way to make a split transfer?