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iCash - Personal Finance | Frequently Asked Questions

iCash - Personal Finance

Frequently Asked Questions

Compatible with MS Windows Compatible with MacOS


How to input loan transactions

You have to create your loan account first as a debt account with a starting balance equal to the loan amount as a negative value *or* create the account with a null balance and a starting transaction (using the startup account type). Then you just have to enter monthly payments this way:


In this example 'My Loan' have a starting balance of -$500.00

Date Origin Account Target account
Amount
08/31/2003 My checking account My loan
40.70
08/31/2003 My checking account Financial expenses
2.13

'My loan' balance becomes -500 + 40.70 = -$459.30
'Financial expenses' is an expense account we have created to compute interests.

And next month:

Date Origin Account Target account
Amount
09/31/2003 My checking account My loan
40.87
09/31/2003 My checking account Financial expenses
1.96

'My loan' balance becomes -459.30 + 40.87 = -$418.43

and so on until last month when 'My loan' will have again a balance of $0.00, 'My Checking Account' will have been debited for $500.00 and 'Financial expenses' account will have a balance of $13.96. Note that the calculation has been made with our Loan Calculator (Loan Calc)


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