401K Loan Confusion

[Bill Jacqmein]

Ive found a few posts from a couple of years ago but Im still having a hard
time understanding how a 401k loan should be accounted for.

Posts found
http://www.gnucash.org/pipermail/gnucash-user/2002-July/004094.html
http://lists.gnucash.org/pipermail/gnucash-user/2002-April/003720.html

Ive gotten there needs to be a liability account for the loan, expense
accounts for the principal and interest, income account for the principal
and interest (because essentially the money isnt really an expense because
it is going into an asset account.) What Im unsure of is how the flow should
work from the deduction of the loan repayment from a pay to it effecting the
liability account, the expense accounts, income accounts, and finally the
401K asset account.

A description of the account setup for a 401K loan would be most appreciated
or some additional explainations for the posts above are equally welcome.

Thanks,

     Bill
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