Microsoft KB Archive/130468

= How to enter loan data in Money if the first payment period is not 30 days =

Article ID: 130468

Article Last Modified on 1/19/2007

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APPLIES TO


 * Microsoft Money 2007 Deluxe
 * Microsoft Money 2007 Home & Business
 * Microsoft Money 2007 Premium
 * Microsoft Money 2006 Deluxe
 * Microsoft Money 2006 Small Business
 * Microsoft Money 2006 Premium
 * Microsoft Money 2006 Standard
 * Microsoft Money 2005 Premium Edition
 * Microsoft Money 2005 Deluxe Edition
 * Microsoft Money 2005 Small Business Edition
 * Microsoft Money 2005 Standard Edition
 * Microsoft Money 2004 Deluxe Edition
 * Microsoft Money 2004 Premium Edition
 * Microsoft Money 2004 Small Business Edition
 * Microsoft Money 2004 Standard Edition
 * Microsoft Money 2003 Deluxe Edition
 * Microsoft Money 2003 Standard Edition
 * Microsoft Money 2002 Standard Edition
 * Microsoft Money 2001 Standard Edition
 * Microsoft Money 2000 Standard Edition
 * Microsoft Money 2000 Business & Personal Edition
 * Microsoft Money 99 Standard Edition
 * Microsoft Money 98 Standard Edition
 * Microsoft Money 98 Deluxe Edition
 * Microsoft Money 98 Financial Suite Edition

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This article was previously published under Q130468





SUMMARY
When you set up a loan, Microsoft Money calculates the first payment's interest and principal amounts based on a presumed 30-day payment period. Occasionally, the first payment is for a different period of time. If this is the case, interest calculations for the first payment are incorrect.

For example, if you buy a car on March 16 and your first payment is due May 1, Money calculates the interest payment for the first payment based on 30 days rather than the 45-day actual period.



MORE INFORMATION
To enter the correct interest and principal breakdown for the first payment, follow these steps:
 * 1) From your lending institution, find out the actual breakdown of interest and principal for the first payment.
 * 2) Enter your first payment normally.
 * 3) After you enter the payment, select the transaction in the Account Register.
 * 4) To open the split, press CTRL+S, or click the Split button in the transaction form.
 * 5) In the Split window, you can adjust the amount of principal and interest.

Remember that you must make the two amounts add up to the actual amount of the payment.
 * 1) When you are finished, click Done, and then press ENTER to record the transaction.

Money automatically recalculates future payments based on this change.

Additional query words: money2004 change principle wrong money97 money98 money99 money2000 money2002 money2001 money2003 rocket

Keywords: kbinfo KB130468

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