tag:infinitekind.tenderapp.com,2009-01-14:/discussions/general-questions/466-closing-a-loan-account-by-making-a-balloon-paymentInfinite Kind: Discussion 2015-12-29T13:52:36Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/2961212009-08-09T23:53:11Z2009-08-09T23:53:16ZClosing a loan account by making a balloon payment<div><p>Hi Moneydance</p>
<p>I am trying to work out how to go about adding a single balloon
payment to a loan account as i have an amount outstanding in which
i am able to payoff using a cash payment given to me which is not
recorded within moneydance.</p>
<p>The problem i am having is that i have a business account which
is not listed within moneydance and i have used some funds from
this account to payoff loan which is recorded within moneydance.
There does not seem to be a way to make an extra payment without
moneydance asking for the account from which this money is
sourced.<br></p>
<p>Is there a way to add a single payment in order to close a loan
account without having to specify which account the funds are
coming from (as it is not listed) as the financial overview is
incorrectly listing my current liabilities. I did think about
deleting the loan account though a warning is displayed saying that
the the transactions recorded from other accounts will also be
deleted (which i don't want to happen)</p>
<p>Any advice would be great fully received.</p>
<p>Cheers</p>
<p>Matt</p></div>matt Saunderstag:infinitekind.tenderapp.com,2009-01-14:Comment/2961212009-08-10T14:27:38Z2009-08-10T14:27:38ZClosing a loan account by making a balloon payment<div><p>Hi Matt</p>
<p>I am afraid that you are required to enter the account from
which the mone comes from when making any transaction within
Moneydance. That is the nature of double entry book keeping.
However there is a workaround for such a situation. You could
create an asset account within Moneydance with an initial balance
equal to the amount of the balloon payment. Give the account some
meaningful name such as "Balloon payment From Business Account"
When you create this account set the option that says "Do not
display on home page if zero balance". Then when you make the
payment ot the loan account set the source account to be the
"Balloon payment From Business Account".</p>
<p>However I would encourage you to consider carefully what the tax
requirements are for the transaction you are making. While I am not
familiar with your situation If what you are doing is paying off a
personal mortgage with business income, it might be necessary to
first record the money coming from the business as personal income
and then pay off the mortgage.</p>
<p>Sincerely</p>
<p>Ben Spencer</p></div>Ben Spencertag:infinitekind.tenderapp.com,2009-01-14:Comment/2961212009-08-10T14:55:39Z2009-08-10T14:55:39ZClosing a loan account by making a balloon payment<div><p>Thanks Ben i really appreciate your reply and taking what you
have<br>
said onboard i think i will add my business accounts aswell as
this<br>
will be better in the long run.</p>
<p>Thanks again :o)</p>
<p>Matt</p>
<p>Sent from my iPhone</p></div>Matt Saunderstag:infinitekind.tenderapp.com,2009-01-14:Comment/2961212009-08-10T15:01:22Z2009-08-10T15:01:22ZClosing a loan account by making a balloon payment<div><p>You are welcome, I'm glad to be of assistance.</p>
<p>Ben</p></div>Ben Spencer