Re: Loan accounts

John,

I difference of 800 pounds seems too great for any loan calculator.  
Most calculators are off by small amounts usually due to rounding or 
because the lending institution uses a 360 day year while the calculator 
uses a 365 day year.  You mentioned that you pay fortnightly.  In the 
Moneydance calculator did you enter 26 payments per year or a different 
number?  Make certain that the interest rate is the actual annual rate 
you are paying which could be slightly higher than the advertised rate.  
Try changing the interest rate - maybe a slightly different rate will 
get you a lot closer.  Some institutions compute interest in advance 
others in arrears.

   Ed Melia, Sacramento, CA

On 10/14/2011 2:24 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.
>
> Regards
>
> _John Sampson_
>
> On 13/10/2011 21:33, A J R Bayer wrote:
> [snip]
>> It's a niggle, I know, but I doubt that you are going to get any 
>> software package that does its mortgage calculations in accordance 
>> with the way every lender does it so some manual intervention is 
>> necessary. However, this I think is one practical way of "recording 
>> the difference" to which you refer and is probably better than 
>> creating a "balance adjustment" figure just to set the books straight.
>>
>> Regards
>> Anthony
>>
>>
>>
>> On 2011 Oct 13, at 23:31, John Sampson wrote:
>>
>>> I am about to pay off a loan early, which involves a fee. The figure 
>>> shown in
>>> the Moneydance as present balance does not agree with the company's
>>> figure so I will have to record the difference in some way. Any advice
>>> would be appreciated.
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>
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