I set up my personal loan as a CC, best fix?
I'm a YNAB infant 😂 When I first set up my accounts I added a personal loan I have with USAA as a credit card (oops). I thought maybe this would function in the same way but it doesn't. My payments don't really show up like a transaction in that account so as a result my payment is just sitting there uncleared.
Now that I understand more I realize I should have made this an unlinked tracking account or simply just budgeted for the payment without having a specific account attached. Can this be fixed without messing up my entire budget?
Hi Jenna ! It's totally okay - I too have created conundrums in my budget, so you're not alone! 😉You're on the right track. You will want that set that personal loan up as an unlinked tracking account! To “change” that account type, we’ll first need to close the current CC account, and then create a new one. Here’s how:
- Create a new account to replace the current one by clicking Add Account > Unlinked (don’t worry—we can link it later!). Choose the Liability type, give it a nickname (it will need to be slightly different than the original account), and enter $0 for the balance.
- Go to the original account, and transfer the whole balance to the new account with a new transfer transaction—this should leave the account with a $0 balance. Keep in mind, this may add or remove money from your budget, specifically that credit card payment category!
- Now you can close the original account. Hover over that account name to the left of your budget, and click the Edit icon that appears. From the window that opens, choose Close Account.
- Now, you can edit the name of the new account - personally, I love adding emojis to things! 😂
Let me know if that helps or you still have questions!