Making monthly adjustment to a loan

Robert K. Tompsett's Avatar

Robert K. Tompsett

04 Sep, 2009 11:25 PM

How can I make balance adjustments to a Signature Loan? My monthly statement from the Credit Union separates the Principle and the Interest. My balance is off by $500.00 showing I owe less then what MoneyDance shows. The Loan Category has no way to adjust.

  1. 1 Posted by Ben Spencer on 07 Sep, 2009 05:14 PM

    Ben Spencer's Avatar

    Hi n8juq

    Is it possible that you have inadvertently neglected to record a loan payment in moneydance? If the principle is correct and the balance is off then the cause is most likely a missing payment.

    If you want to adjust the value of the loan without making a payment to the loan account from some other account you could change the principle of the loan. Click on the loan account on the home page to bring up the loan register. Select "Edit Account" from the Accounts menu. Change the value of the principle to reflect the adjustment you want to make.

    Alternatively (and perhaps a more elegant method) you could create a dummy asset account called "Loan Discrepancy" set the initial balance of the dummy account to the amount you want to pay too the loan account. Then go into the transaction register for the dummy account and make a transfer too the loan account for the $500.

    I hope that helps.


    Ben Spencer

  2. 2 Posted by Robert K. Tomps... on 07 Sep, 2009 09:34 PM

    Robert K. Tompsett's Avatar

    After checking past statements, I eliminated your 1st. suggestion.

    I opted to do the 2nd suggestion as the past was last year back in the days of Intuit's Quicken. (Money Dance starts a new era with January 1st, 2009.)

    I now for the future will set up your 3rd suggestion.

  3. 3 Posted by Ben Spencer on 10 Sep, 2009 09:11 PM

    Ben Spencer's Avatar

    Thanks for the update.

    I am sorry for the inconvenience.


    Ben Spencer

  4. 4 Posted by Robert K. Tomps... on 11 Sep, 2009 01:40 AM

    Robert K. Tompsett's Avatar

    Not an inconvenience! Its a learning curve. I find Money Dance to be fun to use. I'm looking forward to the next version.

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