Loan accounts - lending to someone else

v+ik's Avatar


03 May, 2021 12:46 AM

Is there a "best practice" to use a Moneydance loan account (or other account) to track a loan made to someone else, that is repaying with interest?

  1. 1 Posted by dwg on 03 May, 2021 01:22 AM

    dwg's Avatar

    I'm a fellow user.

    There is no absolute best prarcice but most people seem to use an Asset Account created for this purpose and pass the transactions though that account. A loan account is unlikely to work as it is not designed to handle a loan you make to someone else rather than one you take out.

  2. 2 Posted by mhoggie on 03 May, 2021 01:33 AM

    mhoggie's Avatar

    just a user,

    I set up a loan to my grandson as an asset, but I found it better just to create a couple of income categories which I use to document any payments and just run a report against those categories to give him as a receipt and statement.

  3. 3 Posted by v+ik on 03 May, 2021 07:28 AM

    v+ik's Avatar

    Thanks for the response, dwg.

    So would one then have to do the interest calculation externally to Moneydance, and then do a split transaction to track principal and interest?

    Quicken apparently has a technique for defining such a loan as an asset account. Would be handy.

  4. 4 Posted by dwg on 03 May, 2021 07:31 AM

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    Yes the interest calculation would have to be done externally.

  5. 5 Posted by v+ik on 12 May, 2021 12:48 AM

    v+ik's Avatar

    I guess a loan calculation could be done with the results being placed in a QIF file for import into Moneydance.

    Or am I missing an easier way?

    And is there an easy way to obtain the current loan balance from Moneydance? I suppose one could export the loan account into a QIF file, and analyze that.

    Assuming QIF export/import, is there any way to automate that process?

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