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 Post subject: Loans
PostPosted: Wed Mar 16, 2011 12:21 pm 
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Joined: Wed Mar 16, 2011 11:35 am
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I would like to be able to reflect payments against a loan balance to reflect a decreasing balance.
Maybe that functionality is present but I cannot find it.


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 Post subject: Re: Loans
PostPosted: Wed Apr 06, 2011 10:16 am 
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Joined: Thu May 19, 2005 12:19 am
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I apologize for no one getting back to you to answer your question. We usually wait a few days for other users to lend a hand, and if no one is able to answer we will do our best to fill in. This one slipped through the cracks.

You can maintain a negative balance for loans. For instance, a loan of 10,000 can be entered as your starting balance of -10,000.

You can then add payments as deposits. So if you scheduled a monthly payment of 200, you can deposit 200 dollars into that account which would decrease your balance to -9,800. Paying off the loan would occur when you negative balance reaches zero again, and the debt no longer impacts your overall balance.

If you also need to add an interest towards your balance every month, you can do that as a debit. for example, in the same month that you payed 200 towards your balance, 50 was charged for interest. You can just enter the interest charge as a debit, and your overall balance would be -9,850.

I have personally tracked school loans and mortgages this way. It may look a little discouraging to see a large negative overall balance because of factoring in your loans, but it does make for good incentive to pay off debts!

I hope this helps somewhat. Feel free to ask more questions if you need more help regarding the tracking of loans.

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 Post subject: Re: Loans
PostPosted: Mon Jan 02, 2012 7:52 am 
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Joined: Mon Jan 02, 2012 7:40 am
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Can you please provide more depth on setting up a mortgage account. I would like to have the principal amount apply to the mortgage balance each month when the mortgage payment is entered so that the mortgage balance declines by the amount of the principal in the monthly payment. Keep in mind that the mortgage payment is split into 4 categories:
principal
interest
insurance escrow payment
tax escrow payment

When I entered a mortgage payment I used the split feature and assigned the category "home mortgage:principal" to the principal portion of the payment. This does nothing to the mortgage balance.
What is the best way to handle this.
Thanks,
Wayne


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 Post subject: Re: Loans
PostPosted: Mon Jan 02, 2012 8:00 am 
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Joined: Mon Jan 02, 2012 7:40 am
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Just a bit more clarification. I want to make the mortgage payment entry in the checking account and have the principal amount automatically post to the mortgager account.


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 Post subject: Re: Loans
PostPosted: Tue Jan 03, 2012 4:37 pm 
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wphillips wrote:
Just a bit more clarification. I want to make the mortgage payment entry in the checking account and have the principal amount automatically post to the mortgager account.


Unfortunately in this case, CheckBook doesn't have the ability to apply part of a Split Entry to another Account. It can only apply the entire Entry amount - it's Entries that can be linked between Accounts and not their Split Line Items. We can think on providing that kind of functionality but we won't be able to get to it in the near or mid-term. Best workaround right now is to manually enter the principal amount as a Deposit in your mortgage Account - probably under a different Category so it doesn't affect your numbers for your principal Category.

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 Post subject: Re: Loans
PostPosted: Mon Sep 27, 2021 8:55 am 
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Joined: Sun May 30, 2021 9:18 pm
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I noted that a few years ago, sometime in 2015, a note from Splasm that y'all were working on the matter of managing loan interest in Checkbook Pro.
I would be interested to know if Splasm has continued consideration of adding the capability.

So for instance I have a 24-month $900 loan. It would be very nice if that loan's interest rate could be applied to the payments as a split: one entry for principal, one for interest. And interest-to-date as a note.

Could such a scheme also be applied to a loan in mid-term? I've got a mortgage that has undergone one re-finance (to take advantage of a lower rate and finance a new furnace).

I'm a rank novice at loan interest, so this might be a more gnarly than I could imagine.


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 Post subject: Re: Loans
PostPosted: Mon Sep 27, 2021 10:00 am 
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We're still very much considering it. But, for now, it's still necessary to use separate entries whenever one amount needs to be transferred to some other account while another split line amount doesn't. This is true when it comes to dealing with any loan account, no matter the term.

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Allan Woodall
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