How to set up monthly installments?

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Re: How to set up monthly installments?
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stef145g
MMEX Developer

Posts: 277
Joined: Fri Aug 13, 2010 9:40 pm
Location: Canberra, Australia
When we think of what we own, weather we are a company or an individual, we regard this as a system. MMEX helps us to control this system.

We receive money - Income
We spend money - Expenses

When we give money to a friend or client, we potentially still own that money although we don't actually have it.

As concept we create an account for the friend or client, and transfer funds to them. To separate the account types in MMEX we separate these account classifications as:

. Bank Accounts - Normal accounts we use daily
. Term Accounts or Loan Accounts(in v1.3.0) - used to separate funds

Now creating an account for our friend or client, we would transfer money to our friend or client representing a loan.
As for MMEX we still own the money but has been removed from our bank accounts and is now in our loan accounts.

When money is paid back to us, money is transferred back to our regular accounts. This way we can keep track of how much money is owed to us.

Note: Loan accounts work with respect to us, and not the client. This means that when we open the client file, the transactions are reversed.
This means that we see a deposit for money owing to us and Withdrawals when money is returned.
When we add extra charges we create a withdrawal transaction in their account. (More money is owed to us)
If we give them a discount, we would create a deposit in their account (less money owed to us)

If we want to set up regular instalments, we can use recurring transactions to set deposit, withdrawal or transfer transactions accordingly.
Regards: Stefano
Re: How to set up monthly installments?

wondergirl
New MMEX User

Posts: 1
Joined: Sat Feb 18, 2017 12:02 am
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Re: How to set up monthly installments?

DavidAustin
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Joined: Wed Mar 01, 2017 11:46 pm
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Re: How to set up monthly installments?

davidcyryl
New MMEX User

Posts: 1
Joined: Mon Aug 14, 2017 4:52 am
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Re: How to set up monthly installments?
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Alime1980
New MMEX User

Posts: 1
Joined: Tue Sep 05, 2017 7:46 am
Location: 4632 Lowland Drive Northbrook, IL 60062
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Re: How to set up monthly installments?

Antoniokim
New MMEX User

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Joined: Tue Sep 19, 2017 7:26 am
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