Credits and charges have the wrong sign

Credits and charges have the wrong sign

Post by Erik » Tue, 11 Jul 2006 06:04:01



In Money 2003 I created a new account, corresponding to my overdraft/line of
credit account at my bank.  When I download transactions from my bank for
this account, they have the wrong sign.  In other words, if I borrow money
from my overdraft account, it shows up as a credit, reducing my loan balance.
 Instead, it should be a charge, increasing my loan balance.

Does anyone know how I can tell Money to reverse the signs on these
transactions?

Thank you.

 
 
 

Credits and charges have the wrong sign

Post by Remove ABCD from Email address to repl » Tue, 11 Jul 2006 08:02:38


What kind of account did you create - an asset account or a loan account?


Quote:> In Money 2003 I created a new account, corresponding to my overdraft/line
> of
> credit account at my bank.  When I download transactions from my bank for
> this account, they have the wrong sign.  In other words, if I borrow money
> from my overdraft account, it shows up as a credit, reducing my loan
> balance.
> Instead, it should be a charge, increasing my loan balance.

> Does anyone know how I can tell Money to reverse the signs on these
> transactions?

> Thank you.


 
 
 

Credits and charges have the wrong sign

Post by Erik » Tue, 11 Jul 2006 21:56:01


I created a line of credit account.

Erik


> What kind of account did you create - an asset account or a loan account?



> > In Money 2003 I created a new account, corresponding to my overdraft/line
> > of
> > credit account at my bank.  When I download transactions from my bank for
> > this account, they have the wrong sign.  In other words, if I borrow money
> > from my overdraft account, it shows up as a credit, reducing my loan
> > balance.
> > Instead, it should be a charge, increasing my loan balance.

> > Does anyone know how I can tell Money to reverse the signs on these
> > transactions?

> > Thank you.

 
 
 

Credits and charges have the wrong sign

Post by Remove ABCD from Email address to repl » Wed, 12 Jul 2006 06:56:13


You say a credit account.  I think you should be creating a loan account.

--

Neil


>I created a line of credit account.

> Erik


>> What kind of account did you create - an asset account or a loan account?



>> > In Money 2003 I created a new account, corresponding to my
>> > overdraft/line
>> > of
>> > credit account at my bank.  When I download transactions from my bank
>> > for
>> > this account, they have the wrong sign.  In other words, if I borrow
>> > money
>> > from my overdraft account, it shows up as a credit, reducing my loan
>> > balance.
>> > Instead, it should be a charge, increasing my loan balance.

>> > Does anyone know how I can tell Money to reverse the signs on these
>> > transactions?

>> > Thank you.

 
 
 

Credits and charges have the wrong sign

Post by Dick Watso » Wed, 12 Jul 2006 08:55:52


Loans are for fixed term, fixed payment loans. An overdraft account (per the
OP) hardly qualifies.

To the OP, if downloaded transactions weren't involved, I'd be glad to try
to help.



Quote:> You say a credit account.  I think you should be creating a loan account.

 
 
 

Credits and charges have the wrong sign

Post by Fred Tod » Thu, 13 Jul 2006 23:26:48


My guess is that the OP used the wizard to set up a line-of-credit, and the
wizard set it up as a Credit account (I just did went through this with a
new Home Equity Line of Credit I was trying to set up).

My suggestion to the OP is to by-pass the wizard and set the account up
yourself, as an *adjustable* rate mortgage account.  Setting it up as an ARM
allows you to change the interest rate periodically, and also seems to
handle additional withdrawals from the LOC just fine.  I did this a few
years ago with a previous home equity LOC, and it worked great.
-Fred



> Loans are for fixed term, fixed payment loans. An overdraft account (per
> the OP) hardly qualifies.

> To the OP, if downloaded transactions weren't involved, I'd be glad to try
> to help.



>> You say a credit account.  I think you should be creating a loan account.

 
 
 

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