Car loan is deducted from paycheck - how to track in simplifi? (edited)

shely6875
shely6875 Member ✭
edited May 1 in Bills and Income

Can someone please advise the best way to handle this situation.

  1. I have a new car loan with my credit union - I have set up the loan in Q but apparently it does not support loan pmts so this will have to be a manual xfr every mo
  2. The car loan is pulled from my payroll on the 15th and 30th…. HOWEVER, it is never deposited into my checking acct… only the payroll amt minus the car pmt is actually deposited and then the car pmt is applied directly towards my loan. (ckng acct/car loan at same cu)
  3. Since the pmt does not hit my bank acct and Q does not support loan pmts…. it is not getting recorded anywhere.
  4. It is technically income that is immediately transferred but I am not sure setting up income is correct since it will never come in as income.
  5. Do I just monthly go in and change my payroll amount (add car pmt in).. and then manually transfer the car pmt? Is this going to be the easiest "work-around"… (there's that pesky word again).

thank you all

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Best Answer

  • EL1234
    EL1234 Member ✭✭✭✭
    Answer ✓

    What you can do is split the transaction (and set up a recurring split) so that there are two items, one for the amount of your pay before the deduction, and then a negative amount for the amount of the car loan. The first part should get an income category and the second should be a transfer to the manual loan account.

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