Student loan account

I have started back to school and I am trying to figure out how to track my tuition payments. I am paying for college with student loans, the loans are first dispursed to the college, then the tuition expenses are deducted, the remaining balance is deposited into my checking account. Because the tuition expenses are not being paid out of my checking account how can I track the tuition expenses in quicken? I cannot enter the transactions into my checking account because I would never be able to balance my checking account.

For example:

Student loan amount: $5k Tuition for semester: $2k Balance deposited in my checking acct: $3k My loan balance is $5k but I only received $3k, how do I account for the other $2k in a manner that would allow me to create a report to show all my tuition expenses?

Thanks for any comments,

Sam

430 No such article 222 15281 body I have started back to school and I am trying to figure out how to track my tuition payments. I am paying for college with student loans, the loans are first dispursed to the college, then the tuition expenses are deducted, the remaining balance is deposited into my checking account. Because the tuition expenses are not being paid out of my checking account how can I track the tuition expenses in quicken? I cannot enter the transactions into my checking account because I would never be able to balance my checking account.

For example:

Thanks for any comments,

Sam

Here's one way: Create a Student Loan liability account. Deposit $5k in your checking account with the offset to the Student Loan liability account. Disperse $2k (use the EFT action) to the school out of your checking account with the category being Tuition expense. Net result: Liabilty, Checking and Tuition expense all stated correctly. When you go to reconcile your checking account mark the $5k as a cleared deposit and the $2k as a cleared disbursement, even though they never phyically will show up on your statement.

If you don't like the idea of "fictional" transactions showing in your checking account enter the $5k as a split transaction in the Student Loan liability account; $3k to the checking account, $2k to Tutition expense.

Tom Young