deposits into loan account

ron kirschner's Avatar

ron kirschner

24 Nov, 2021 01:29 PM

I made a payment into the loan account. It gets registered as a debit.
Also, I have to enter the loan account as a negative number. It would seem that a liability is entered as a positive number and payments into it are debited against the liability.
  How did you configure this?

  1. Support Staff 1 Posted by Maddy on 24 Nov, 2021 02:00 PM

    Maddy's Avatar

    Hi Ron,
    Thank you for contacting Moneydance support.

    Have you setup the loan within Moneydance as a separate loan account?

    If so, select the account you made the loan payment from. Enter a new transaction to reflect the large one time payment, and specify the loan account within the 'Category' field of the transaction. This will create a transfer of funds from the account you're using into the loan account, and you'll see the loan account balance will decrease.

    Moneydance does not support importing data or entering transactions into a loan accounts. The reason being that it should not be necessary. If you are making your loan payments from one of your bank accounts, when you download transactions for that bank account it will include debits for the loan payments. When you categorize these loan payments in the bank account, with the 'loan account' as the category, the corresponding matching entry in the loan account will be created.

    So, you will have to enter the transaction from the account on the other side as Moneydance does not allow transactions to be initiated from within loan account.

    I hope this information is helpful. Please let us know if you have further questions or need more assistance.

    --
    Maddy, Infinite Kind Support

  2. System closed this discussion on 23 Feb, 2022 02:10 PM.

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