loans
Hi,
I have setup some of my loans that all have 0% interest and all of these are working perfectly. I would like to setup another loan that includes a 3.9% interest charge, but I cannot seem to find a way to do this.
Basically the account shows only my payment, not the interest charges and the balance shown is different to the one on my statement.
I have tried to manually enter the interest charges but because its a loan account it will not allow me to.
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Support Staff 1 Posted by Maddy on 16 Sep, 2024 04:21 PM
Hi,
Thank you for contacting Moneydance support.
You should click on your loan account from the left Side Bar and navigate to Account->Edit Account. Adjust the Escrow and any other parameter there. The next payment reminder should then reflect the proper amount.
In conclusion, if you have a loan account in Moneydance, Splits of payments are only handled automatically if a reminder is created within the loan account. Moneydance cannot perform any calculations if you are just entering a transfer transaction in a bank account by entering the loan account as the category.
Lastly, could you select your loan account in the left side bar and navigate to Account->Edit? You should ensure the balance adjustment field is 0.
I hope this information is helpful. Please let us know if you have further questions or need more assistance.
--
Maddy, Infinite Kind Support
2 Posted by me on 16 Sep, 2024 07:37 PM
thank you for the quick response, but I don't think you quite understand my issue.
I created a 'loan' account for a car-loan. i entered the apr amount (which does not seem to do anything). The payments were set and after entering the details I created a reminder and all was good. I entered the payments each month and the balance went down.
When I got my statement, it has interest amounts added to the loan amount each month, I would like to be able to enter these charges as well as the payments i am making.
3 Posted by me on 30 Sep, 2024 12:52 PM
My car loan is charged at 3.9% APR, each month the bank add on the interest to the balance. I have created a loan account in moneydance and entered all the details required, but I cannot see any way to enter the interest amount that is added each month by my back.
There should be an option to add entries to the loan account that allows you to add the interest amount each month.
System closed this discussion on 30 Dec, 2024 01:00 PM.