Liability versus Loan

Tennille English's Avatar

Tennille English

24 Aug, 2009 07:59 PM

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

  1. 1 Posted by Ben Spencer on 25 Aug, 2009 09:45 PM

    Ben Spencer's Avatar

    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

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