Multiple Student Loan Accounts Wone Payment
Q: I have a few questions regarding the setup of transferring the sub amounts from the bank account to each of the loans, 1) How are you transferring the sub amounts from the bank account to each of the loans, I.e. configuration in the setup of the account(s)? 2) Are you paying this bill electronically? 3) How are you deducting the total amounts from my real checking account? 4) Did you setup a dummy bank account 5) You said that you setup four loan accounts but one of them is a bank account. You mean (+ACI-Wife Student Loan+ACI) is the bank account?
A: +ACI-Wife Student Loan+ACI- does not correspond to a real bank account anywhere. It's what I call a +ACI-Transfer Account+ACI-, although there might be some more technical name for it in accounting. Let's assume you've already setup a loan account for each student loan you have, and you've also added a bank account called +ACI-Brians Student Loan+ACI-. To handle the sub-amounts, go to Bills, and click the +ACI-New Bill+ACI- button. You want to create a +ACI-Bill+ACI- (not a +ACI-Transfer+ACI- - sorry for the confusion). When you get to the +ACI-Edit Scheduled Withdrawal+ACI- window, set +ACI-Entry Method+ACI- to +ACI-Automatic Entry+ACI-. The +ACI-Account+ACI- should be +ACI-Brians Student Loan+ACI-. For +ACI-Pay to+ACI-, I use the name of the student loan company. For Category, you must use +ACI-Loan Payment+ACI- and the second field (which is normally used for subcategory) should be the particular student loan you want to apply this sub-amount to. In fact, you should get the +ACI-Amount+ACI- of this payment from your student loan documentation. You need to enter one of these automatic payments for EACH of your actual student loans. +AD4-2) Are you paying this bill electronically? In fact, I am. I use Visa EPay to take the money out of my Checking account and send it to the student loan company. The trick is that this transaction is NOT a +ACI-Loan Payment+ACI-. I classify it as a transfer to the virtual student loan account (+ACI-Wife Student Loan+ACI- in my case, +ACI-Brians Student Loan+ACI- in your case). +AD4-3) How are you deducting the total amounts from my real checking account? I use another Bill (and my bill payment service). This bill is a transfer from Checking to the +ACI-Wife Student Loan+ACI- account which happens monthly on the same day as the other automatic transactions which distribute the money to each particular loan. +AD4-4) Did you setup a dummy bank account Yes, you could say +ACI-Brians Student Loan+ACI- and +ACI-Wife Student Loan+ACI- are dummy bank accounts. I prefer to call them transfer accounts, because the balance in them should really always be zero because the same day money comes in (the transfer from checking) it should be transferred using the numerous automatic payments to each of the actual student loans. +AD4-5) You said that you setup four loan accounts but one of them is a bank +AD4-account. You mean (+ACI-Wife Student Loan+ACI-) is the bank account? Yes. Bank account, checking account - I guess it could even be an asset account. It's balance is always supposed to be zero, except for intraday transactions. .
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