Loan interest not calculating
Hi! I have MoneyDance v2024.1, and have been struggling with an issue for a while now. I have the info for my mortgage and auto loan set up correctly as far as I can tell, including interest rates. I am not using reminders for either.
When I update my accounts, the payments are updated in the loans, however, I am unable to find a way for the interest to be added to the balance due. Because of that the reported remaining balance on each account in MoneyDance is becoming further and further from accurate each month.
How can I fix this?
Comments are currently closed for this discussion. You can start a new one.
Keyboard shortcuts
Generic
? | Show this help |
---|---|
ESC | Blurs the current field |
Comment Form
r | Focus the comment reply box |
---|---|
^ + ↩ | Submit the comment |
You can use Command ⌘
instead of Control ^
on Mac
1 Posted by dwg on 15 Sep, 2024 12:51 AM
An account that in Moneydance designated as a "Loan" account can only be correctly updated by using the special type of reminders that Moneydance specifically has for these accounts. Downloading transactions from your bank, will update the standard bank account correctly but not the loan account as their is nothing present to calculate the interest/principal split, this is part of what the reminder is doing.
I would anticipate you have to use the reminder to drive the loan account and use the merge capability of Moneydance on the bank account side to combine the downloaded and reminder generated transactions.
2 Posted by me on 12 Oct, 2024 02:08 PM
I am also having the same issue, Surely you should be able to adjust the loan transactions and add interest, or could Moneydance not calculate the interest if it knows the % rate, then give the user the option to accept it or change it. ?
3 Posted by sth on 12 Oct, 2024 02:21 PM
I think that a loan account does update the interest using the automatically created loan reminders. These are set up when you create the loan and the payment periods.
(NOT IK Support)
System closed this discussion on 11 Jan, 2025 02:30 PM.