tag:infinitekind.tenderapp.com,2009-01-14:/discussions/general-questions/13630-loan-to-friends-and-family-etcInfinite Kind: Discussion 2018-10-18T14:01:47Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/280385592013-07-31T10:59:19Z2013-07-31T10:59:21ZLoan to friends and family etc<div><p>I was over thinking this one sat with a pen and paper for two
minutes and solved it myself! Thought I should post the solution
for anyone else who might have the same quandary.</p>
<ol>
<li>Open an asset account with a zero balance.<br></li>
<li>TRANSFER the loan amount to the Asset account - key word here
being transfer in my case I had sent the money electronically to my
relative so I just changed the record from category to transfer to
asset account.<br></li>
<li>When repayments are made I just record them as a transfer in
from the asset account so the outstanding loan amount goes down and
my current account balance goes up</li>
</ol>
<p>This is fairly simple because I'm not charging any interest - If
I were I would simply have to calculate interest charges manually
and add them to the asset as a transaction creating a custom
category or just using bank interest.</p>
<p>P.S. i also tick hide when zero balance on the set-up so when it
is repaid in full it will just disappear.</p>
<p>Hope that helps someone else in future.</p></div>JohnJBloomfieldtag:infinitekind.tenderapp.com,2009-01-14:Comment/280385592013-07-31T13:29:40Z2013-07-31T13:29:40ZLoan to friends and family etc<div><p>Hi John</p>
<p>I'm sorry I didn't get back to your sooner.</p>
<p>The process you describe is exactly how I manage such situations
in my personal MD file.</p>
<p>Sincerely<br>
Ben Spencer<br>
Moneydance Support</p></div>Ben Spencertag:infinitekind.tenderapp.com,2009-01-14:Comment/280385592013-07-31T14:02:28Z2013-07-31T14:02:28ZLoan to friends and family etc<div><p>No worries Be<br>
n I just needed to think it through!</p></div>John Bloomfield