Maddy on 08 Dec, 2021 02:14 PM
Thank you for contacting Moneydance support.
Please refer to this article of the Knowledge base called Create a Loan Account. Also, please see the other articles listed on the right hand side as well.
In addition, you should setup the loan within Moneydance as a separate loan account.
Then select the account you made the loan payment from. Enter a new transaction to reflect a payment, and specify the loan account within the 'Category' field of the transaction. This will create a transfer of funds from the account you're using into the loan account, and you'll see the loan account balance will decrease.
Moneydance does not support importing data or entering transactions into a loan accounts. The reason being that it should not be necessary. If you are making your loan payments from one of your bank accounts, when you download transactions for that bank account it will include debits for the loan payments. When you categorize these loan payments in the bank account, with the 'loan account' as the category, the corresponding matching entry in the loan account will be created.
So, you will have to enter the transaction from the account on the other side as Moneydance does not allow transactions to be initiated from within loan account.
I hope this information is helpful. Please let us know if you have further questions or need more assistance.