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iCash - Personal Finance | Frequently Asked Questions

iCash - Personal Finance

Frequently Asked Questions

Compatible with MS Windows Compatible with MacOS


Lending money
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:

Day Type Origin Account Target account
Amount
31 Transfer My checking account My borrower
10,000.00

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:

Day Type Origin Account Target account
Amount
1 Transfer My borrower My checking account
814.40
1 Interest Interests My checking account
41.67

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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