Tracking splits of categories and accounts

harold's Avatar

harold

08 Mar, 2021 05:19 PM

Hi, how do I record a loan payment from a checking account to a liability account, while also splitting the amount into principle and interest so that the interest portion can be captured as a carrying charge for tax purposes and the principal payments update the loan balance?

Under double entry accounting I cannot split a transfer; so I tried to split the loan payment in the checking account into principle and interest portion, transferring the principal amount to the liability account and the interest portion to the expense category Carrying Charge. However, Cntrl L does not bring up the split window in the loan payment. It seems that because originally the transaction was a transfer directly from the checking to the loan account, the internal ID still says it is a transfer and blocks the splitting. I have deleted the description and category fields, but that was not enough.

The downloaded loan payment had been replaced by a manual entry via the transfer from the liability account, but re-downloading the loan payment into the checking account and merging it with the existing transaction did not allow me to split it.

Also, is there a way to batch change the loan payments in the checking account into principal and interest splits?
Thanks

  1. 1 Posted by mhoggie on 08 Mar, 2021 05:39 PM

    mhoggie's Avatar

    just a user,

    If you are making a payment from checking, you should be able to split the category and apply an amount to your liability account and another to an interest category. That will update the liability balance and add the interest to the category you chose.

    That does work for me when creating a new transaction in checking.

    So I'm not sure how you are being blocked from adding a split.

  2. 2 Posted by harold on 08 Mar, 2021 08:49 PM

    harold's Avatar

    Hi, I just realized that I can duplicate the transaction and split it, so this is ok, but I would still like to know why that series of transactions could not be split. In trying to record the split I went through a number of prior steps that I do not recall, it may have involved a batch move from another account. Thanks

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