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I lent some money to my friend. How can I use AceMoney to track his loan payments?

Solution We suggest two methods.

Method 1: Create a new account and call it "Friend". Record a transfer from your own account to this account - this will show initial loan amount. When your friend pays money back, record every payment as a transfer from the account "Friend" to your own account. You don't even need to generate a report to see how much he owes you: "Friend" account balance shows the amount.

Method 2: Create a category "Loan:Friend". Record a withdrawal using this category - it will show initial loan amount. When your friend pays money back, record every payment as deposit to any account using the same category ("Loan:Friend"). In this case you need to generate category spending report to see how much your friend owes you.
 
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Article details
Article ID: 25
Category: Tracking credits, loans and mortgages
Date added: 2010-08-24 01:18:27
Views: 1110
Rating (Votes): Article rated 2.2/5.0 (55)

 
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