Splasm Software Discussions

Is there a way to set up a car loan account and have the balance reduced each time a payment is made. I have a 0% interest loan so interest is not a factor.

Thanks.

I would imagine that you could set this up in much the same way as you would a credit card account, being sure to make your beginning balance a deficit number. If you pay the loan off through another account you have set up, it would be a simple matter of transferring the funds each month to cover the payment.

Good luck!

Thanks prider.

Thanks is what had done but I was hoping there was more elegant way. Also, when I make an online BillPay payment it doesn't deduct from my auto loan account automatically. This means I have to enter it twice.

Hmm. If the loan payment comes from another account you have set up within CBPro, you could just make that Online Bill Payment a transfer in CBPro so that the amount is debited from one account and credited to the car load account.

Cool. That sounds like what I need but I am unable to make it happen. Any ideas?
Thanks again.

Let's say you've got two accounts, 1] checking and 2] auto loan.

For a transfer, just do a debit from within the checking account, inputting the date, amount, type, etc. When you come to the "To" field, click on that and you will see "To Account" also listed. Check the "To Account" and in the drop down box next to it select the auto loan account. When you hit "Okay" the amount will be debited from your checking account and credited into your auto loan account. You can also set this us as a scheduled transaction, so you won't have to manually input each time.

Good luck.

Thanks prider.

That was exactly what I wanted. It works perfectly.

Glad to help!