Skip to main content
Oct 4, 2023 7:31 AM UTC
Question

How do I record and track loans. 2 family members pay in to an accruing loan every month. I need to record via transactions but also track monthly interest ?

So we have 2 loans growing every month but with an agreed monthly interest rate being added to the balance

1 reply

Oct 4, 2023 9:36 AM UTC

Hello Benegroupuk-gmai, thanks for posting on the Community page, if you have a look at this article it has all the steps on how to record this in your account. You have to setup a liability account for it and record an opening balance (money they owe). And when you pay it, you just need to record an expense/cheque choose the liability category/account.