BECU - Tracking Account (loan) Issue

Hello, my first car loan payment posted today and caused the BECU Loan account balance to not accurately display in YNAB. The payment from my chase checking account accurately tracked against the budgeted line item. However, when it cleared BECU it applied the whole payment to the balance when in reality the payment was applied partially to interest. Therefore the balance on my BECU loan in YNAB was lower than it should have been. I manually adjusted the inflow to match the principle payment, but is this something I'm going to have to do every single month for my 3 loan accounts with BECU? :( 

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  • Yes, you'll need to add the corresponding interest payment each month. I do this for my mortgage. There are a couple easy ways to add the interest payment.

    1. Right click on the account and change the balance. This will create an adjustment transaction for the difference.
    2. Reconcile the account and enter the current balance. This too will create an adjustment transaction.

    It takes all of a minute or two once a month.

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  • A third is to have a scheduled transaction as a placeholder and enter the amount of interest when you know it.

    A 4th is to have a scheduled transaction for the approximate interest and do the reconcile-approach every so often (e.g., yearly) to correct the balance.

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 9 days ago
      • Reported - view

      dakinemaui Heh, the “third” method is what I actually do with my mortgage. I have a spreadsheet with my monthly interest for the life of the loan so I keep a year’s worth of of interest transactions in recurring transactions at a time.

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  • A 5th -- and highly recommended -- approach is to blow off these tracking accounts all together. More details here:

    https://www.youneedabudget.com/why-you-think-you-want-to-track-your-car-loan-in-ynab-but-you-dont-really-w/

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    • dakinemaui this is what I needed to hear. Would be nice, but not worth the effort. Mahalo! 

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