Closing a loan account

robs's Avatar

robs

02 May, 2009 10:24 AM

Hi there,

I have a loan which has been closed early. This of course meant that I was freed from a certain amount of interest. However, now moneydance still thinks I owe it money when I do not. Does anyone know how can I clear this amount so the loan reads £0?

Thanks, Rob

  1. 1 Posted by Ben Spencer on 02 May, 2009 05:23 PM

    Ben Spencer's Avatar

    Hi Rob

    Create a transaction in the account that you use to pay of the remainder of the loan. (Perhaps this was your checking account.) Such that this transaction matches the transaction on your bank statement. The category for the transaction should be the loan account its self. The loan account should then go to zero. Click on the loan account from the home page to bring up the transaction register for that account. You should see in the column on the right that the remaining balance is zero and the the "# of remaining payments" is also zero.

    I believe that is all you need to do.

    Let me know if this is not sufficient.

    Sincerely

    Ben Spencer

  2. Ben Spencer closed this discussion on 02 May, 2009 05:23 PM.

  3. robs re-opened this discussion on 03 May, 2009 02:38 PM

  4. 2 Posted by robs on 03 May, 2009 02:38 PM

    robs's Avatar

    Hi Ben, No, unfortunately this is what I have done. But, because I closed the Loan early I got a massive repayment of interest and so I still have £1500 odd pounds left in the loan when it is actually all paid off. So, how do I clear that? Cheers, Rob

  5. 3 Posted by Ben Spencer on 04 May, 2009 06:38 PM

    Ben Spencer's Avatar

    Hi Rob

    I am not exactly sure I understand what you are describing. Are you saying that the loan company repaid you 1500BGP? If this is money you had already paid the loan company and categorised as an interest expense, you can transfer it back into the interest expense category.

    What is the current principle on the loan account? It is not clear to me what the 1500 is and which account it is located in.

    I am sorry for my confusion. Hopefully with a little more information I will be better able to assist you.

    Sincerely

    Ben Spencer

  6. Ben Spencer closed this discussion on 04 May, 2009 06:38 PM.

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