Using Bank Feed for Vehicle Loan

Jodie · ‎March 20, 2020

I bought a van for my business and have a small loan.

I set the van up as a Fixed Asset “Cuckoo Van”

And a Long Term Liability “Cuckoo Van Loan.”

I also set up the feed for the loan in my banking feeds and have made a payment through my bank bill pay. It’s showing up in my bank and the loan feeds. I named it “SET”.

My question is how to shoot the transaction off in the right directions. I've tried a few ways and had to undo so I thought I'd ask the experts.

Like I do with my credit card I transferred the payment in the loan feed to my bank account. Then I went to the entry in my bank feed and hit match. Clicked on the circle for that transfer. But there wasn’t anywhere to attribute it to Cuckoo Van Loan. So since Transfer was highlighted I clicked on that. Then I could fill in my bank for transfer funds from and Cuckoo Van Loan for transfer funds to.

Will this do it?

john-pero · ‎March 20, 2020

Due to the fact that principal and interest varies each month and each payment to the lender is a combination of both it is incorrect to post entire payment to the loan, unless you manually post the interest charge back onto the loan. (improper at best). If the loan is with a major supported institution you can add the feed to the loan and monthly interest should post correctly - still it requires a manual distribution of charges and I have found it much easier to record the monthly payment in QB first and them match the recorded payment to the bank charge coming in. You can set up the payment to record as recurring (memorized) and then periodically edit each payment to reflect lender assignment

View solution in original post

john-pero · ‎March 20, 2020

Due to the fact that principal and interest varies each month and each payment to the lender is a combination of both it is incorrect to post entire payment to the loan, unless you manually post the interest charge back onto the loan. (improper at best). If the loan is with a major supported institution you can add the feed to the loan and monthly interest should post correctly - still it requires a manual distribution of charges and I have found it much easier to record the monthly payment in QB first and them match the recorded payment to the bank charge coming in. You can set up the payment to record as recurring (memorized) and then periodically edit each payment to reflect lender assignment

Jodie · ‎March 23, 2020

Ah, got it. As it turns out the interest and principal don't get broken up in the feed so I'll have to do it manually anyway. Thank you!

(Sorry for my late reply. We had an incident with a stray dog on the farm.)

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Using Bank Feed for Vehicle Loan