Calculate Interest?

[theboyk]

Is there a way for iCash to calculate interest on an account (based on the balance and the interest rate)?
Thanks,
Kristin.

 

[stanbusk]

The interest a given bank account could generate has to be entered manually as a transaction. There is not automatic support for interest in iCash right now.

 

[debit]

So how do you manage interest then? If my loan is compounded quarterly does that mean every 3 months I have to manually enter the bottom line for accuracy? A topic located in the online support dealing with loans suggested making an account "financial expenses" but this wouldn't work with a compounded interest loan, where would the money come from? Do I add a surplus of money in the "interest given" account to transfer quarterly to my loan account, no that wouldn't work. So what can I do?

 

[stanbusk]

Use an account like 'Interests received' and create a transaction from it to your Bank account. This transaction will appear as an income if you create 'Interests received' as an Income account. Note that iCash default Home and Office sets already include it as an Income account. Also note that your Bank will do the same, they will create a transaction to credit your account with the interest you have earned.

 

[keyloans]

thankx buddy for precious comments ...