goldo72
Member
Hi,
I can't seem to find a way to add a transaction that simply adds interests to one of my monetary liabilities (loan account). Expense doesn't give me the chance to choose one of those account, and the other one I find that I get the 'Bank Interests' category is through Discharge of liability...
please help
goldo72
Member
If I understand it right, it's for when you pay the account and part of it is
for interests. Diminishing the amount in the account.
What I want is to be able to simply add interest to the account, since it does
not get added at the same date I pay the account.
So it gets added to the account without being transfered from another one.
You cannot discharge interest if you do not have it assigned to an account. If you use a simple credit line, you need to make an account, which is assigned to this credit line for further payments. If you use a credit card, then when you register Discharge of Liability transaction, choose this credit card as a liability AND as an account when you add interest. The interest will then be charged from the account as a commission for using this credit card.
May sound a bit confusing so please let me know if my explanation is clear.
trevort
Member
An interest charge is basically just a transaction. Why not just create a category called "Line of Credit Interest", and make a regular transaction using the line of credit as the wallet, like you were paying something from that account (the bank) then link the category to the loan so you can see it in your Assets Cash Flow report, you can also see your interest charges in the budget tab and how they change over time.
goldo72
Member
why is it so complicated just to add some stupid interest in a line of credit account???
There is already a category called "Bank Charges & Interest", but I can't just add an expense to my line of credit account which is in "Monetary Liabilities" . I can't add more expense (interests or even if I borrow again) to that account. Why not? I would have to add that account under "Credit cards"??
Something is wrong here. Not thought through completely or something. Or is it just me who is too stupid?
Basically trevort is right, and the way that he suggests this to do is a good option. And you are right that it is complicated to add some interest, and the reason is that working with credits has not been among the app's main targets. However, we do work on making it easier to deal with credits so at some point you shall have a simpler way for doing it. In the meantime hope that you enjoy all the other app's capabilities.
goldo72
Member
Maybe it was a good suggestion. I just din't understand it though. A regular transaction? I can't see my line of credit account if I only use expense. The only time I seem to be able to see it is through Discharging Liabilities.
But I decided to use a different way. When I pay in it (discharge) I add the previous interests with it to end up balancing the account just later that it could have.
trevort
Member
Your right actually, you can't see a monetary liability in a regular expense transaction.
Here is another option for you:
Do a new Discharging Liabilities transaction, choose the Category that you created for Interest as I said before, and choose your Monetary Liability as the account. Don't put anything for interest, but instead put a Negative value on principle using the +/- button on the right after you type the amount. Save your transaction and your Liability will increase.
You could probably also do it as Extra Payment instead. Also since you use the different category just for this interest you can still track it the way I suggested earlier and see how it goes down over the period of your payments. I have only tested to make sure that the liability does indeed go up though.
Hope that helps. I can post screenshots elsewhere if you need.
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