Liability versus Loan
Can anyone tell me what the difference is between a liability and a loan in MD? They were grouped together in MS Money.
Thanks
Tennille
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1 Posted by Ben Spencer on 25 Aug, 2009 09:45 PM
Hi Tennille
In Moneydance a loan account is a special type of liability that has additional features. These additional features allow the user to specify the APR, the number of payments, the escrow account etc... And Moneydance uses these properties to automatically calculate and generate a reminder for regular payments. I would recommend using a Loan account for something like a mortgage or a car loan where there are regular payments. And use a liability for debt that does not need these features.
Sincerely
Ben Spencer