Bill Jacqmein 401K loan
wrjacqmein at gmail.com
Thu Dec 29 08:17:00 EST 2005
I had a brain storm (aka too many dental appointments).
In one of the previous postings on the 401K loan had a description of being
the payee and the payer of the loan.
So the way I have it going now is.
There is a entry accounting for a payroll deduction dropping to an interest
expense account and the loan liability account.
The above transaction generates income from the interest and principal.
A transaction hitting a 401K income account (there should probably be split
between interest and principal) and the 401K asset account is made.
On 12/28/05, Andrew Sackville-West <andrew at farwestbilliards.com> wrote:
> brydone at btinternet.com wrote:
> > If the loan is for principal only, I think the simplest entries are this
> > when setting up your account:
> > Loan Account Cr401,000 (owing your lender)
> > Bank Account Dr 401,000 (putting money into your account from
> > lender)
> > ------------------------------------
> ummm... I think OP was refering to a loan from his 401k retirement
> account. your explanation was good, but do you have one for this
> application? He has to track it both in his bank/liability accounts but
> also within his 401k account as some of his liquid assets in that
> account will be turned into a loan...
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