All In One Loan
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pstarfam
Member ✭✭
Anyone with experience with an All in One loan?
Basics- all deposits and bills etc. go into a checking account- every night the checking acct is swept- deposits are moved into the loan- reducing the balance. Bills and withdraws from the checking acct are funded from the loan- transfer - adding to your balance. So your loan balance is going up and down almost daily. At the end of the day- the checking always shows zero balance.
I'm trying to figure out how to modify my deposits, bills etc. to make this work...
I've linked in the new loan- but Quicken doesn't have the right terms... available.
Basics- all deposits and bills etc. go into a checking account- every night the checking acct is swept- deposits are moved into the loan- reducing the balance. Bills and withdraws from the checking acct are funded from the loan- transfer - adding to your balance. So your loan balance is going up and down almost daily. At the end of the day- the checking always shows zero balance.
I'm trying to figure out how to modify my deposits, bills etc. to make this work...
I've linked in the new loan- but Quicken doesn't have the right terms... available.
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Answers
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Once a month, an interest only debit is put against the loan- increasing the balance.0
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Haven't got any experience with this type of loan myself. But, in Quicken, I'd set this up and treat it as if it was a regular Checking account. Next to it I would set up a credit card or line of credit account to keep track of the loan balance.
If you can download transactions into these accounts, do so. That would be helpful to keep track of all the transfer activity. But continue to use Scheduled Reminders for your routine bills and deposits in the checking account.
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