I presume that you currently "expense" the loans. They really are not an "expense" but a change of asset (from your savings account to a receivable.
1. Add a new Asset account called "FaF Loans" (Friends and Family Loans). Mark it as a placeholder. 2. Under FaF add a new account for each person to home a loan is made. For your use case enter the following transactions: A. Transfer £2000 from Savings1 to Checking. B. Transfer £2000 from Checking to FaF:Family1 Note: If both happen at the same time, you could combine them into a multi-split transaction with Checking having two offsetting splits. C. £100 from Faf:Family1 to Checking D. £100 from Checking to Savings2 Note: Doubtful that the above two transactions happen at the same time so shouldn't combine. By looking at the transactions for each of the sub-accounts in FaF you would see the original loan amount plus all the payments. The account balance would be the outstanding balance. Now, if you should charge interest, the interest portion would be income. I presume that you already earn interest on other accounts so would already have that account setup in the Income area of CoA. The payment would then be split with FaF:FamilyX and Interest-Income on one side and Checking as the destination. On 9/23/20 4:27 AM, John Mansfield wrote: > I have lent monies to a family member and now wish to track the balances on > an ongoing basis. I have been looking at the guides etc but just cannot > understand the concept / account hierarchy given my circumstances. > > The software I am using is: > > * Version: Version: 4.1, Build ID: 4.1+(2020-07-25) > * Windows 10 > > My location/currency is: > > * GBP, UK Based > > My Gnu Cash account setup is: > > * I have a cheque account > * I have a savings account 1 > * I have a savings account 2 > * Plus others. > > My use case is: > > * It will be an interest free loan > * My family member has borrowed £2000 > * Loan taken from Savings account 1 into > * Cheque Account then electronically bank transfer > * To family member bank account. > * A repayment is made each month > * The family member transfers a set amount, say £100. This is > electronically deposited into my bank Cheque account > * To date, I have electronically bank transferred monies into Savings > Account 2 and updated gnu cash > * I have no immediate report of monies repaid / outstanding. > > My preferred outcome: > > > 1. To track the Principal amount of £2000 > * To track each payment into my Cheque Account from family member - > normally monthly (once bank transactions have been uploaded into gnu cash) > * To understand how much has been paid - to date > * To understand how much is outstanding > * To transfer each repayment into Gnu cash Savings account 2 and bank > account > * To be able to get reports on the above. > > > Given the above, I would be most grateful if you can advise what account > hierarchy / transaction splits etc I need in Gnu cash to support the above? > > I thank you for your time and support. > > Regards > > John Mansfield -- Stephen M Butler, PMP, PSM [email protected] [email protected] 253-350-0166 ------------------------------------------- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
