So you have lent an amount of money to a friend and you are interested in reflecting the exact transactions in iCash. It is easy but it requires several steps you need to understand well.
You have to create your lending account first, as a portfolio account as it is an investment. Once done you have to create a starting transaction from your checking account to that lending account. That transaction represents the money transfer between you and the borrower:
For this example let say the borrower will give you the money back in 12 months with an annual interest of 5%. First payment will be enterred that way:
where 'Interests' is an account of type 'Incomes' you have to create as well so you can gather the interests.
Why 2 transactions? Simple, just to keep track of incomes. You could simply create a single transaction from the borrower to your Bank account but if you do that you will end with a negative Borrower account and no trace of incomes. Note that you can group those 2 transactions together to match your Bank statement. Use the 'Transaction | Group' menu:
After payment 12th you will have the following balance:
- My checking account: +10,000.00
- My Borrower: 0.00
- Interests: 272.84
Note that the calculation has been made with our Loan Calculator Loan Calc
iCash is a Personal Finance Application available for Mac and Windows in 8 different languages. You can get iCash here.
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