Loan Payments

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3 posts
Loan Payments

IansGirl33
New MMEX User

Posts: 2
Joined: Wed Jan 03, 2018 1:59 pm
How does the loan accounts work? When you are trying to record a transaction from your checking as a withdrawal, how can you make it as a payment towards your loan? I've tried doing a transfer, but all that does is increase the amount I owe on that loan.
Re: Loan Payments

FlameOfMoney
New MMEX User

Posts: 2
Joined: Sun Dec 10, 2017 6:31 pm
I was just looking for this answer as well. Here is what I figured out. It may not be right but it is what I'm going to use.

1.) When you setup the loan account, put the initial balance in as a negative value. That is what you own.
say -10,000.00

2.) May a payment from your Checking account (or whatever) to the Loan account using the Transfer account option.
say -325.00

3.) Go to the loan account and add a transaction for the amount of interest you paid as a Withdrawl from the Loan Account page to your lender
say 25.00

this makes your loan balance move towards zero with a net change of $300 so the new balance is 9700.00

Hope that helps.
Re: Loan Payments

kevinkruse26
New MMEX User

Posts: 1
Joined: Fri Apr 27, 2018 5:16 am
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