I would like to know how to do this as well. I see that a number of people have asked a similar question over the past couple of years and their requests were closed without an answer posted. For many, loan payments are a large part of their monthly expenses and definitely need to be considered in the budget.
on 26 Jan, 2023 05:51 AM
Thank you. I have no idea what these instructions are telling me. I just want to create a simple budget that includes my loans. I don’t understand why it is so difficult. Do other tools (like Quicken) operate this way too?
on 26 Jan, 2023 05:58 AM
4. Now when you make that transfer transaction, split the category, and add two additional splits. This will be in addition to the normal account transfer category which just shows the account receiving the funds which will be listed first. In the first extra transaction split just repeat the amount of the transfer with the new unique transfer category then in the second extra transaction split use the "Null" category to offset the extra amount you added.
Interesting solution, but there are still a some problems with this.
1. This issue is not confined to Budgets, but is also in Expense reports. Principal & Escrow payments do not end up there either. Using the solution provided above, on a report, the result is the an expense added (budget category) and then removed (null category).
2. Back to Budgeting: because the principal amounts vary from month to month, one must manually change this in the reminder each month. The example given is for a fixed amount every month. So this is not so easy.
3. With a mortgage, there is a principal amount and a payment to an escrow account that are not being included in either the budgets or the income/expense reporting. Only the interest using an interest category.
4. If you have multiple loans, this is a lot of work each month.
The solution presented in 2021 does not really apply here.
Maddy on 27 Jan, 2023 03:18 PM
There's an existing ticket in our ticketing system with your suggestion that I've attached to this discussion. By posting in this discussion your interest in the ticket has been registered. This is equivalent to voting for it. We will post on this thread when there are further developments on this topic.