MS Money: help needed with a loan

[tea4one]

I decided to set up my loan payment in money when I started it and now that I paid it off this week the amounts don't equal. Money is showing that I owe more money than the bank said that I owed. It is off by $28.01 how do I close the loan and make it so it is paid off?

[donleyk]

A guess would be the loan may have been set up as a simple interest loan but Money had it as a compound.

Oops, I see where your question is how do you make it go away and I apologize, I don't know anything about the program. Good luck

[tea4one]

I had the time to spend looking into this more tonight and figured it out. Obviously I had it set up wrong or recorded my payments wrong or differently from the way the bank does it if I had a difference in the payment amount. Here is what money said as far as paying off a loan:

On the Accounts & Bills menu, click Account List .
Click the account you want to pay off.
In the upper right of the page, make sure the Show Transaction Forms check box is selected.
Click New .
Click Make an extra loan payment , and then click OK .
In the Account box, enter the account from which you're making the payment.
In the Amount box, enter the appropriate information (including the remaining balance of your loan), and then click OK .
Your account total should now be zero.

In the left pane, click Change account details .
Select the Close account check box, and then click Done .
This account will no longer be listed as an active account.

I did close the account as well.