Setting up Student Loan and Debts

[Micah Carrick]

Hey, I'm pretty new to all of this stuff. I've read through the docs and 
am still slightly confused about adding in my student loan as it's not 
an asset.

I got federal consolidation loans on Oct. 5, 2006 which started with a 
principle balance of $14,466.47. So, I created the following:

Expenses
- Education
- Interest
  - Federal Consolidation Loan Interest
Liabilities
- Loans
  - Federal Consolidation Loan

And now I'm trying to figure out how this part works. I *think* I should 
create a transaction in the Federal Consolidation Loan account dated 
10-05-2006, transfer from Expenses:Education for the amount of 
$14,466.47 as a "Decrease" which would result in a negative balance both 
there and in Expenses:Education. Is that correct?

And another question... I have several outstanding debts (mostly turned 
over to collection agencies) that I would like to keep track of. Should 
those be liability with maybe another Expense account for "Debt" or 
something? And if I settle with a collection agency-- how do I handle 
that change it balance?

Any help is appreciated. Cheers!

-- 
- Micah Carrick

  Developer | http://www.micahcarrick.com
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