Re: Loan accounts

On Oct 14, 2011, at 4:24 AM, John Sampson wrote:

> Hello -
> 
> I think all I can do is create an account to hold the discrepancy between Moneydance's figure and the
> lender's figure. The difference is more than £800 so I would question the usefulness of having 'loan
> accounts' in Moneydance at all. It would be better to let the user invent a policy for dealing with the
> figures that agrees with the methods and terminology used by the lender. I have had to badger the
> lender for explanations but what they have sent looks OK to me.

Either you have entered loan information incorrectly or there is something about this loan that does not conform with Moneydance's expectations. 

Moneydance loans work fine for my U.S. mortgage. Occasionally, the interest and principal amount are off a penny but the transactions created for a loan can be edited to adjust the amounts.

You didn't say how long you've had this loan but to be 800 pounds off suggests you've done no reconciling along the way between what Moneydance recorded and what the lender has.

You can always "roll your own" and enter it as a credit card. Have all payments apply to principal and then add the interest to the balance as you see it on statements. Moneydance won't be allocating payments between principal and interest for you but that would probably be easier for you to keep in sync with the bank.

-- 
Larry Stone
lstone19-o3mqM4u2kMRgil/FBGRW/gC/[email protected]
http://www.stonejongleux.com/



_______________________________________________
For Moneydance customer support, please visit http://help.infinitekind.com
[email protected]
http://moneydance.com/mailman/listinfo/moneydance-info