Loan Payment & Reminders
I have noticed an issue with loan payments and reminders that are set to automatically save into the register. They don't recalculate the payment each time they add an entry.
The interest/principal stay the same for every payment which is not correct.
If I go to the loan page, it shows the correct (aproximate) interest for the next payment on the right hand side where the statistic are. Also if I go into the rimnder to edit it, the interest gets updated to show the same figure as on the loan screen.
If I save this new updated reminder, the next payment goes in correctly, but the one after that doesn't. It will be locked to the same principal/interest values as it was when I saved the reminder entry.
Any thoughts on how to fix this?
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Support Staff 1 Posted by Ethan on 09 Apr, 2012 03:22 PM
Hello,
You have discovered a known bug, which we have been working on for some time to try to fix. A discussion thread about this issue is on our public forums at this link. A workaround that some users have found to work is:
1) Delete the reminder you have already created
2) Go into the loan account itself
3) Click the "Actions" button in the top left corner
4) Select "Payment Reminder." An "Edit Payment Reminder" window will appear.
5) Set up the details of the Payment Reminder.
Setting it up in this method appears to usually result in the split being accurately calculated, although again for some users this appears not to be the case.
It also seems like using the auto-commit feature of the reminder for loans will result in the principle/interest split being incorrectly recorded, even using the above method. Instead, create the reminder without the auto-commit enabled, as described above. Then, when you get close to the payment date, the reminder should appear on your home page. Click on it, and then click on the "record transaction" option for the reminder. For many users this appears to record the correct split for loans.
I apologise that this workaround is cumbersome, and in our internal bug tracking system this is one of the highest priority bugs. Unfortunately I cannot speculate on a timeline for when a fix will be implemented.
Please let me know if I can be of further assistance,
Ethan Tupelo
Moneydance Support
2 Posted by Jessica Little on 25 Jun, 2012 10:41 AM
Hi Glenn,
We've fixed this bug in the internal development build of Moneydance, and the fix will be in the next version. I don't have a timeline for the release yet, but we'll let you know as soon as it's out.
Jessica Little
Moneydance Support
3 Posted by glenn on 25 Jun, 2012 12:57 PM
Thanks you guys so much. I love the software and all the hard work you
put in.
Life would be perfect if you could make it wash the dishes too while you
are at it... ha ha ha.
Ben Spencer closed this discussion on 21 Jul, 2012 01:50 PM.