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/280385592013-07-31T08:28:31Z2013-07-31T08:28:34ZLoan to friends and family etc<div><p>Hi</p>
<p>If I make a loan to a friend or family member (no interest
charged) what is the best way to document it within moneydance so
that;</p>
<p>a) I can record the repayments which are often in stages<br>
b) See an outstanding balance and history of repayments<br>
C) still have my net worth calculate correctly</p>
<p>In the past I have used a custom category to keep track but I
now have quite a few people owe me money and I need something
simpler - I was thinking about using an Asset Account but not sure
how to document the money going from my current account to the
asset out as the loan and then back as repayments come in without
messing up my Net worth figures - advice please?</p></div>JohnJBloomfieldtag: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