Line of credit Interest payment question

David T. sunfish62 at yahoo.com
Mon Feb 8 18:33:45 EST 2010


If I understand you correctly, you are making an interest-only payment to your bank for your HELOC. If I am correct, then you shouldn't see anything in the Liability account, since you didn't change the value of that account. You didn't pay anything into the loan--that's why the bank didn't change the balance of your account with them. All you are doing is paying them.

David

--- On Mon, 2/8/10, trythis <grahamlane at gmail.com> wrote:

> From: trythis <grahamlane at gmail.com>
> Subject: Line of credit Interest payment question
> To: gnucash-user at gnucash.org
> Date: Monday, February 8, 2010, 2:06 PM
> 
> My line of credit has two or more lines of payment. 
> Fixed rate where principle must be paid and variable where
> only interest
> must be paid.
> When I make a payment to the bank loan, the bank divies up
> the payment into
> several places.  I figured out how to split these up
> OK.
> 
> The problem is when I only owe variable interest
> payments.  The payment goes
> to the HELOC loan account, but the bank never increases the
> principle on
> what is owed here.  In GC that causes me to make the
> payment from checking
> to Expense:Interest:mortgage and teh payment does not show
> up at all on my
> Liability:HELOC account
> 
> Any way to remedy this, or should I just not and make a
> separate
> Expense:interest:HELOC
> 
> thanks
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