Loan interest not calculating
Hi! I have MoneyDance v2024.1, and have been struggling with an issue for a while now. I have the info for my mortgage and auto loan set up correctly as far as I can tell, including interest rates. I am not using reminders for either.
When I update my accounts, the payments are updated in the loans, however, I am unable to find a way for the interest to be added to the balance due. Because of that the reported remaining balance on each account in MoneyDance is becoming further and further from accurate each month.
How can I fix this?
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1 Posted by dwg on 15 Sep, 2024 12:51 AM
An account that in Moneydance designated as a "Loan" account can only be correctly updated by using the special type of reminders that Moneydance specifically has for these accounts. Downloading transactions from your bank, will update the standard bank account correctly but not the loan account as their is nothing present to calculate the interest/principal split, this is part of what the reminder is doing.
I would anticipate you have to use the reminder to drive the loan account and use the merge capability of Moneydance on the bank account side to combine the downloaded and reminder generated transactions.