2012-05-07 GnuCash IRC logs
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08:07:51 <daredavids> hey
08:08:07 <daredavids> pls how do i setup loan repayment for a 6month period
08:08:43 <daredavids> i am a complete noob
08:09:00 <daredavids> id like to use gnucash to track loans that i give out and the repayments
08:09:14 <warlord> daredavids: Using the mortgage and loan druid?
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08:10:08 <daredavids> pls explain further
08:10:32 <daredavids> how do i setup the account hierarchies
08:10:33 <warlord> It was a question -- do you want to use the Mortgage and Loan Druid?
08:10:58 <warlord> Ah, have you read the documentation? The guide has a whole chapter on loans.
08:11:12 <daredavids> i just want anything that works...i will be having multiple clients
08:12:08 <warlord> Is this you loaning money to others, or them loaning to you?
08:12:16 <daredavids> i have been reading it but its kinda complicated for me...i was wondering if someone cld give me on-hand guide thrus
08:12:30 <daredavids> loaning to others pls...
08:12:52 <warlord> AH! Completely different.
08:13:15 <warlord> All the docs are about you taking out a loan (e.g. auto loan, mortgage, etc)
08:14:04 <daredavids> so is gnucash able to handle me loaning out to others?
08:14:18 <warlord> So what you need is in effect the reverse of what the docs say. You will need an Asset account for the principal, and an Income account to handle any interest.
08:14:31 <daredavids> and having a number of customers?
08:14:53 <warlord> You will need a unique Asset (and potentially Income) account per loanee.
08:15:13 <warlord> Alas, the biz features were not designed for a Bank.
08:15:17 <warlord> (or Loan Shark)
08:16:06 <daredavids> wht do u reccomend then?
08:16:15 <daredavids> can the software be tweaked?
08:16:23 <warlord> What do you mean?
08:16:26 <daredavids> or do i need a proprietary software
08:16:28 <daredavids> ?
08:16:37 <warlord> How many loan customers do you have?
08:16:47 <daredavids> 100
08:16:50 <daredavids> and growing
08:16:55 <warlord> WOW!
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08:18:38 <warlord> Um.. yeah.. GnuCash would be unwieldly for that. It can do it, obviously, but it's not as "clean". You'd need 200 "extra" accounts.. One thing is that it will not properly auto-compute interest on the fly for you. It will set up an amoritization schedule and forces you to stick to it. So if a customer pre-pays principal then you'd have to manually compute interest forever more.
08:18:52 <warlord> So yeah, GnuCash probably isn't the right tool for you (given its current state)
08:19:04 <warlord> Could it be tweaked for you? I think so.
08:19:26 <warlord> But either you would need to do it, or you would need to find someone who would do it for you.
08:21:13 <daredavids> wht do u think it will take to setup up something like this on gnucash?
08:21:13 <daredavids> ?
08:22:32 <daredavids> does it have a receivable module and how will it work given my business
08:22:33 <daredavids> ?
08:22:44 <warlord> It does, but it wouldn't.
08:23:06 <daredavids> why would it not work?
08:23:07 <warlord> you would have to input (manually) 100 invoices.
08:23:51 <daredavids> if i treat 'per transaction' then that shld not be a problem
08:24:14 <daredavids> so every new customer will be issued a new invoice
08:24:45 <daredavids> i wld just have to work back and create the existing customer and their invoices...
08:25:19 <warlord> When you loan someone money, do you know exactly how much they need to pay you back?
08:25:33 <warlord> Or is the interest based on how long they take to repay the principle?
08:26:23 <daredavids> yes, we know how much they need to pay back, it is usually based on fixed tenure
08:26:46 <warlord> So they get no benefit from pre-paying?
08:28:12 <daredavids> pre-payment comes with a charge
08:28:32 <warlord> Wow, remind me never to take a loan from you!
08:28:37 <warlord> ;)
08:29:17 <daredavids> lol, it is only a function of the model we run
08:29:43 <warlord> Okay, in that case -- yes, you could set up a customer in the biz features, create an invoice with their "total due" (P+I). Then every payment is a "Process Payment" which reduces the receivable.
08:29:45 <daredavids> we charge lower interest on longer tenures and high interest for short ones
08:30:40 <warlord> .. however the biz features record on an accrual basis, not cash basis, so you would see all the interest booked at the time the receivable is created, not at the time they pay it.
08:32:11 <warlord> Do you send out monthly invoices to your customer or just expect them to pay you?
08:36:35 <daredavids> yah we send payment order
08:37:59 <warlord> Do you need gnucash to do that for you? Or can you do that on your own?
08:38:17 <daredavids> i dont have a problem the the accrual concept, but what happens when someone repays mid way, what happens to the unearned interest?
08:39:02 <warlord> That was the heart of my question to you earlier about prepayment.
08:39:11 <daredavids> send payment order can wait for now
08:39:30 <daredavids> i am more worried about the accrual part
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08:40:05 <warlord> You would have to manually figure out how much "unearned interest" there was and manually write that off after-the-fact.
08:40:11 <daredavids> and how reconcilliation is handled, the above scenario
08:40:23 <daredavids> ok
08:41:13 <warlord> Like I said earlier, gnucash doesn't really do what you want.
08:41:40 <daredavids> i get that now
08:41:46 <daredavids> thx a bunch
08:42:12 <warlord> Good luck!
08:43:01 <warlord> Basically I think gnucash would need a "loan out" feature added to the biz features, and it would need "immediate computation of interest" instead of pre-computed.
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