How to create Lender Loans?

Ann's Avatar

Ann

11 Feb, 2024 02:04 AM

I invest some of my money by generating mortgage notes and lending money. How can I use Moneydance to track loans and their fees? Is there a way to have a notification when a fee is required based on loan terms?

Please respond by email as I am evaluating different solutions for this issue

  1. 1 Posted by dwg on 11 Feb, 2024 02:21 AM

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    I'm a fellow user.

    Moneydance is not designed with you being a lender in mind, hence it becomes necessary to use more general features.

    Such an account would be set up as an Asset account. The facility that Moneydance has for notifications is reminders both general and transaction, these are both time period based.

    It is probably not quite to the level of automation you would like, that may well take software designed for the purpose rather than general purpose financial software. I can only suggest you download Moneydance and try it out in trial mode to see if it can work for you.

  2. 2 Posted by Ann on 12 Feb, 2024 06:19 AM

    Ann's Avatar

    I found this posting (https://help.infinitekind.com/support/solutions/articles/80000901707-peer-to-peer-lending), but it is quite hacky and doesn't provide quite what I was hoping for.

    I have tried using loans with negative numbers and it works okay, but there isn't any amortization available.

    I am learning that Moneydance is solely a ledger, a well polished and very nice ledger, but a ledger nonetheless.

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