Money lending is actually quite simple to handle with iCash. Just a matter of adding the right transactions in the right order, mostly as they happen in real life. Let's have a look.
Let's imagine you have to lend some money to a friend and now you are interested in adding the transactions in iCash.
It is easy but it requires several steps you need to understand well. Let's see.
Money lending account
First, you have to create your lending account. Since it is considered an investment you have to create it as a 'portfolio' account. Once you are 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%. The first payment will be entered this way:
where 'Interests' is an account of type 'Incomes' you have to create as well so you can gather the interests.
Why 2 transactions
It is simple, just to keep track of your 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:
Finally, after payment last 12th you will have the following balance:
- My checking account: +10,000.00
- My Borrower: 0.00
- Interests: 272.84
Note that we made the calculation with our Loan Calculator Loan Calc.
iCash is a Personal Finance Application available for macOS and MS Windows in 16 different languages. You can get iCash here.
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iCash is a software intended to control your personal finance, keeping track of incomes, expenses, credits, debts and Banks transactions for you. As simple as creating the accounts you need and move money between them! You don't even need to know about accounting or even care about it! Your finances depends largely on good organization that lets you know where your money comes from and to where it goes.
iCash is an easy-to-use, full featured and multi-purpose Personal Finance Manager tool for macOS and Windows intended to help you control all kinds of money issues. iCash can serve several small accounting needs for either private users, or clubs, associations, self-employed, small businesses or simply to be used at home, making keeping track of incomes, expenses and Banks transactions a snap.
With a few clicks you can begin creating accounts and making transactions in minutes.
iCash is versatil and user-friendly. For this reason it doesn't use the principle of double-entry bookkeeping making it much easier to be used by people with very little or no accounting knowledge at all.
Simply create accounts for all your expenses, incomes, Banks... and start moving money between them! iCash will then allow you to find out where all your money comes from and where it goes. All accounts are well organized according to user-defined categories and built-in types so reports can be tailored to include all records or only ones meeting specified criteria.
Cash also allows you to have as many money manager documents as necessary so you can control almost anything from Clubs, associations, home and so on at the same time.