I traded in my car, how do I fix my auto loan in Money?

[K.@discussions.microsoft.com Robert K.]

How do I properly show the payoff of my auto loan to not reflect the payment
to have come from me?

[Dick Watson]

1) Transfer the balance of the loan in a Loan Payment as the Principal
Transfer component from the account making the new car purchase. There is
probably no way to do this as one transaction since you can't Transfer
directly to a Loan Account and you can't have a Loan Payment (which is a
split) in the transaction for the car which is probably already split. Note
also that there is no easy way to transfer in the proceeds from the new loan
account. So I use Other Income : Loan Proceeds Received with a clarifying
memo. See example below. 2) Then delete the scheduled Loan Payment and close
the Loan Account.

E.g., Txn 1
Split payment to "Mega Kia Motors"
$1,000 total amount (down payment) with splits:
$30,000 Automobile : Payments (or Transfer : [New Auto as Asset Account] as
you prefer), Memo: buy the new '07 Kia Wombat
$2,000 Taxes : Sales Taxes
($16,000) Automobile : Payments (or Transfer : [Old Auto as Asset Account]
as you prefer), Memo: trade-in the '04 Kia Wombat
($15,000) Other Income : Loan Proceeds Received, Memo: proceeds from Loan
Account '07 Kia Wombat Loan

Txn 2
Split "Loan Payment : '04 Kia Wombat Loan" txn
$0 total amount with splits:
($3,000) Automobile : Payments (or Transfer : [Old Auto as Asset Account] as
you prefer), Memo: trade-in the '04 Kia Wombat
$2,900 Principal Transfer : '04 Kia Wombat Loan, Memo: payoff from trade-in
as part of the '07 Kia Wombat deal
$100 Interest Expense : Auto Loan Interest, Memo: residual interest included
in payoff from trade-in as part of the '07 Kia Wombat deal

"Robert K." <Robert K.@discussions.microsoft.com> wrote in message
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