To handle money lending with iCash you have to create your lending account as a portfolio account as it is an investment. Then create a starting transaction from your Bank account to that lending account. That transaction represents the transfer of the money to the borrower:
My checking account
For this exemple 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:
My checking account
My checking account
where 'Interests' is an account of type 'Incomes' you have to create as well so you can gather the interests together.
Why 2 transactions? Just to keep track of incomes the best. You could simply create a single transaction from the borrower to your Bank account but if you do it that way you will end with a negative Borrower account balance and no trace of incomes.
You can then group those 2 transactions together ('Transaction | Group' menu) to match your Bank statement. You will see a single transaction you can expand to see the details.
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).
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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.