Hello all. I’ve searched this wonderful community, but I haven’t found anything that relates to my situation. Here it is in a nutshell.
We are having new windows installed w/ Apex Energy Solutions.
Received a “no interest” loan (if paid within 18 months) w/ GreenSky.
GreenSky gives Apex money as windows ordered, windows arrive, windows installed.
We pay GreenSky monthly.
I thought I could just connect GreenSky like a credit card, but the “charges” (money given to Apex) doesn’t show up in Transactions.
Our payment to GreenSky does show coming out of checking and going to GreenSky. If this was a credit card, I would just show these two transactions as “credit card payment” because the initial charge to card was categorized as an expense.
So, how do I track this as an expense if the “charge” doesn’t show up?
NOTE: We don’t have any other loans, so don’t know if that’s where I should start.
Thank you!
The simplest solution would seem to be to treat the payment to Green Sky as the window expense. It’s not exactly that, but it’s functionally equivalent, no? The alternative would be to create manual transactions: a transfer out from Green Sky to Apex and a transfer into Apex from Green Sky. But that seems like a lot of work for little additional fidelity in your financial picture. Or maybe I’m missing something.
We had a similar situation with a home repair. I just categorize the monthly payment from our checking account. I don’t have Greensky loaded into tiller, so the balance isn’t tracked but each payment hits our monthly budget.
Here is what I did for my mortgage which is similar to your GreenSky situation.
Like your Greensky, my monthly mortgage is processed automatically my checking account and reflected in my budget.
However,
There is not a working interface with my lender. So, I created a manual account for the mortgage which I then manually update the loan amount monthly.
I think you can do the same with your Greensky by adding Greensky as a manual account (type of loan and class of liability). It will then show up on the Accounts and Balances tabs. You can then manually update the balance owed each month.
I assume you already have the Greensky loan added in the categories tab and are categorizing the payment transactions accordingly.
Let me know if you have questions about setting any of this up.
Thank you everyone for your input. It has been very helpful. An additional question. This is one of those “loans” that accumulates interest, but you don’t have to pay interest if you pay off the balance before the 18 month deadline, which we plan to do. Do you just ignore the interest since it won’t be paid?
