tag:infinitekind.tenderapp.com,2009-01-14:/discussions/general-questions/1314-how-do-i-set-up-a-loan-that-i-have-made-to-someoneInfinite Kind: Discussion 2011-07-24T19:42:04Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/12603262010-03-20T15:48:12Z2010-03-20T15:48:12ZHow do I set up a loan that I have made to someone?<div><p>A loan that you have made to someone is simply an Asset account.
Create a new account by selecting Account->New Account. Set the
type to asset. Give the account a meaningful name e.g. if you leant
the money to someone called Bob call the account "Loan to Bob".</p>
<p>If when you leant the money to Bob the money came out of your
checking account enter the initial loan transaction in your
checking account as a Payment with the "Loan to Bob" account as the
category. As Bob pays you back enter the deposits in the checking
account and set the category to "Loan to Bob".</p>
<p>Moneydance does not have a feature that allows for automatic
calculation of principle and interest payments for loans you
make.</p>
<p>Sincerely</p>
<p>Ben Spencer</p></div>Ben Spencer