Loan cash to a friend with interest

Hi, is there an account to register some cash I lend to friend, but he is 
making payments only for the interest not for the principal? He will pay the 
principal someday, but right now he is paying me interest.
Becuase with money I can only track loan with interest but for credits I 
received, not for credits I am giving.
Thanks
0
Andre9488 (80)
3/12/2009 4:13:01 PM
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You don't say what version/edition/mode of Money you are using.

Money (except Essentials (MEss)) can create a Loan Account when you are 
lending money--it's the first or second question the account setup genie 
asks. But in this case that's still probably not what you want since it 
assumes a fixed payment stream. You could setup the loan with a future baloon 
payment equal to the original balance and accomodate exactly what you asked 
but it won't be terribly flexible.

Alternatively, you can just create an Asset account or a Cash account and 
transfer the loan made moeny into this account. The downside is that it will 
not automagically calculate accumulation of interest and I suspect this is 
the key thing you are looking for.

Excel is frequently a handy add-in to Money. The calculations involved to 
figure the interest are straightforward. You could also consider setting up a 
somewhat fancier spreadsheet that can get some of the data from Money more or 
less directly via MoneyLink. Unfortunately, you'd have to create the 
transactions that reflect these interest income entries in the account 
register by hand.

"Andre" wrote:

> Hi, is there an account to register some cash I lend to friend, but he is 
> making payments only for the interest not for the principal? He will pay the 
> principal someday, but right now he is paying me interest.
> Becuase with money I can only track loan with interest but for credits I 
> received, not for credits I am giving.
0
3/12/2009 5:03:02 PM
In microsoft.public.money, Andre wrote:

>Hi, is there an account to register some cash I lend to friend, but he is 
>making payments only for the interest not for the principal? He will pay the 
>principal someday, but right now he is paying me interest.
>Becuase with money I can only track loan with interest but for credits I 
>received, not for credits I am giving.

Create a Loan account. Money will ask if you are borrowing or
lending. You are lending.

Set up the Balloon amount equal to the principal. Let Money
calculate either the payment or interest rate, according to your
agreement. Set the end of the loan far enough into the future.
0
via_newsgroup (13115)
3/12/2009 6:52:28 PM
Reply:

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