I created a new home equity loan. How do I show the money was added to my savings from the loan?

Question

I added a new loan account using the wizard and it worked fine.  I associated it with my home property account fine.  The only issue is that there appears no way to link the money I was loaned to the actual loan account.  I downloaded the transaction into my savings, but it's just magic money that appeared there.  Is there a proper way to link the money I got from the loan to the actual loan?

vogelrich · Answer

I recorded the loan value in the loan.  It was a home equity loan and it does not appear to have a register I can edit.  I attempted to change the savings deposit to be a transfer from the loan account, but it does not appear in my drop down selection.  I noticed in the loan account, I cannot change the Hide in transaction entry lists selection as it is grayed, and it defaults to active.

NotACPA · Answer

What "Opening Balance" did you record in the HELoan account? Sounds like $0.

BUT, now that the money is already in your savings account, EDIT that transaction to be a TRANSFER from the Loan account.

IF you recorded the actual loan amount in the HELoan, delete that transaction in favor of the transfer.