Debt Planner With Online Enabled Line Of Credit
Q: I'm using the trial version of Money 2002. I'd like to play around with the
debt planner feature. The account I want to add to the debt plan is a home
equity line of credit. It is also online enabled. This means the type of
account cannot be changed by me. Money thinks this account is a charge
account and that the balance must be paid off at the end of each period.
This is not correct.
This results in my debt plan lasting one month and that requires me to pay
several thousand dollars in one month. Not a very helpful plan, to say the
least.
As far as I can tell there is no work around for this.
I'm considering this for a work around: Add 2 new accounts: a liability and
an asset. I'd use the liability account to mirror the balance of the line
of credit, and use the asset account to offset the new liability account to
keep my overall balance correct. Then I could use the liability account in
the debt planner. However, this seems like more trouble than its worth. I
could just use an XL spreadsheet and be done quicker.
A:Tax deductible account shouldn't be in your debt planner. Money tells you
that. If you don't want to pay off the total each month, there is a check
box which you uncheck in order to accomplish that. That would be found in
the account details area.