Auto Loans

kimly55

How do the auto loans flow through the system? I have set up a new 'company', because I had so much junk in the old one. There was a loan in the old one, that worked great. I would pay through the checking account, the amount would go to the loan account, and after each payment, I could adjust the principal and interest for what was actually paid. In the new company, I set up the asset, and set up the loan. The amount is miscalucated for the amount I am actually to pay, and I can't seem to find the detail on the loan payment made. In the account where the payment is made, I can't seem to connect it to the loan account. I have the bank connected online, which supplies the actual amount of payment and amount due. Should I be doing it all manually?

Thanks for the help!

NotACPA

If a loan is setup for download, ONLY the downloaded info can be posted to the loan account … which is why it's recommended to not setup loans for download.

Set up the checking account, from which you make the payment, for download and adjust the Prin/Int split when you get the next statement.

BTW, the reason why Q's Loan Wizard doesn't work for auto loans is that they're almost always "Daily Interest" … where the amount of Int owed with this payment depends upon how many days it has been since your prior payment.

This contrasts with "Monthly Interest", where the Int due in February doesn't depend upon when in January you made the prior payment. In the US, most mortgages are "monthly interest".