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Posted by TomYoung on February 4, 2007, 10:08 am
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> I have started back to school and I am trying to figure out how to
> track my tuition payments. I am paying for college with student loans,
> the loans are first dispursed to the college, then the tuition
> expenses are deducted, the remaining balance is deposited into my
> checking account. Because the tuition expenses are not being paid out
> of my checking account how can I track the tuition expenses in
> quicken? I cannot enter the transactions into my checking account
> because I would never be able to balance my checking account.
>
> For example:
>
> Student loan amount: $5k
> Tuition for semester: $2k
> Balance deposited in my checking acct: $3k
> My loan balance is $5k but I only received $3k, how do I account for
> the other $2k in a manner that would allow me to create a report to
> show all my tuition expenses?
Here's one way:
Create a Student Loan liability account. Deposit $5k in your checking
account with the offset to the Student Loan liability account.
Disperse $2k (use the EFT action) to the school out of your checking
account with the category being Tuition expense. Net result:
Liabilty, Checking and Tuition expense all stated correctly. When you
go to reconcile your checking account mark the $5k as a cleared
deposit and the $2k as a cleared disbursement, even though they never
phyically will show up on your statement.
If you don't like the idea of "fictional" transactions showing in your
checking account enter the $5k as a split transaction in the Student
Loan liability account; $3k to the checking account, $2k to Tutition
expense.
Tom Young
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