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Car auto Payment RRS feed

  • Question

  • When i get paided my car payment automatically comes out of my pay check when it gets deposited, i get paided every week.

    So what i did is take my total pay and made it a deposit and then split out my deductions which are broke down here.

    pretax

    401k

    tax

    soc sec, medicare, fed, state

    after tax

    Roth401k, UDUES

    then what did is added in my car payment which is $69 and then the rest i list as income, but when i do the car payment it dosent give me the option of putting it in the car loan section of Money, the only accounts i can transfer it to is the credit card and checking accounts.  is there anyway i can split that out so it goes to the car loan.

    Saturday, February 11, 2012 5:01 PM

All replies

  • The problem you are having is because a Paycheck is a variant of a Split Transaction and a Loan Payment is also a variant of a Split Transaction and Money doesn't allow you to have Split Transaction in a Split Transaction.

    The workaround I'd suggest is using a Transfer in the Paycheck to an intermediate Account and then enter the Loan Payment in that Account. If you have a Cash Account for your pocket change, that's the one I'd use. You just schedule the Loan Payment to automatically enter in the intermediate Account on the same schedule as the Paychecks.

    Paycheck adds $69 to the intermediate Account. Loan Payment removes the $69 and pays some interest and principal to the Loan Account.

    Saturday, February 11, 2012 8:10 PM
    Moderator