tag:infinitekind.tenderapp.com,2009-01-14:/discussions/investments/1104-simple-bank-interestInfinite Kind: Discussion 2016-11-30T15:00:20Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/403932112016-07-24T13:54:57Z2016-07-24T13:54:57ZSimple bank interest<div><p>I don't think there's a way to have Moneydance automatically
calculate the interest for you in this way. The loan account is an
interesting idea, but I'm not sure how we would get the transaction
that it calculates into your bank account rather than your loan
account, as presumably we wouldn't want this transaction to be
between your bank and loan accounts.</p>
<p>I think the best you can do is set a general reminder for when
this transaction happens, and then you can enter in the transaction
amount manually. You can use the amount field in Moneydance as a
calculator, so as long as you know the rate of interest this should
be easy. All you should have to enter in this field is the balance
of the account * the rate of interest (ex: 1000*.01).</p>
<p>The more common alternative is to simply import this interest
transaction from your bank as you do all of your other
transactions, and just make sure it has the proper interest
category.</p>
<p>Please let me know if I can be of further assistance,</p>
<p>Ethan<br>
Moneydance Support</p></div>Ethantag:infinitekind.tenderapp.com,2009-01-14:Comment/403932112016-07-25T07:27:44Z2016-07-25T07:27:45ZSimple bank interest<div><p>Thanks Ethan.</p>
<p>I like your ideas. Could I put in a request that the development
team might consider. I was wondering if the transaction reminder
function might be improved in the future to allow automatically
adding interest? e.g. the amount field could be BALANCE*0.01?
Perhaps support for daily interest rates could be added too,
although that would be more complicated as you would need to
calculate daily rates from the APR something like this:
daily=exp(ln(APR)/365), where the APR was expressed as a decimal
(i.e. 3% APR = 1.03). And then for monthly calculations you would
need to work out the number of days elapsed since the last payment
which is obviously different for each month. e.g.
monthly=daily^days_elapsed.</p>
<p>What do you think?</p>
<p>Russell</p></div>Russell Bowentag:infinitekind.tenderapp.com,2009-01-14:Comment/403932112016-08-31T14:54:30Z2016-08-31T14:54:30ZSimple bank interest<div><p>Hi Russel,</p>
<p>Please accept my sincere apologies for the delay getting back to
you. I’m afraid that your request for assistance was missed
by the support team, and it’s only now we’ve been able
to work through the backlog of older discussions. Please be assured
we are putting systems in place to ensure a higher level of service
and speedier responses.</p>
<p>Thanks for the suggestion for improving Moneydance! There's an
existing ticket in our ticketing system with your suggestion, so
I've attached it to this discussion and the developers will be
looking into it.</p>
<p>Please let us know if we can be of further assistance.</p>
<p>Ian L<br>
Infinite Kind Support</p></div>Ian L