2014-10-19 GnuCash IRC logs
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09:52:59 <warlord> lmat: the deed does not have to say how much you paid..
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12:31:16 <marktraceur> Hi all. I'm trying to set up gnucash to track all of my accounts and things, but I can't seem to figure out loan interest. Does anyone know if there's a decent walkthrough of scheduling transactions for student loans?
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12:58:15 <kpreid> marktraceur: not familiar with loans but just on general principles interest should increase your loan liability account and an “interest” expense account
12:58:39 <marktraceur> kpreid: I guess what I'm having trouble with is, how do I calculate the interest?
12:58:52 <marktraceur> It's compounded daily, I have the amounts, I'm just not sure how to do it automatically
12:59:30 <kpreid> and you’re trying to do scheduled transactions?
12:59:33 <marktraceur> Yeah.
13:00:05 <kpreid> well, SX does support formulas in the transactions, but I don’t know if there’s an interest computation there
13:00:09 <marktraceur> I found an example that seemed to be calculating *how much you should pay*, but it didn't make sense for me
13:00:59 <marktraceur> 'cause I always pay the same amount
13:01:07 <kpreid> I see there is a Tools > Loan Repayment Calculator but that’s just a calculator and it seems to be about “total payments you will make if you pay at this rate”, which is not the number you want either
13:01:31 <marktraceur> That might help with the formula the example was telling me to use, anyway
13:02:21 <marktraceur> That example was here: http://svn.gnucash.org/docs/HEAD/loanhandling.html
13:02:30 <marktraceur> Which is about mortgages
13:02:38 <marktraceur> But I figured wasn't too far off. I was wrong, I think.
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14:01:33 <jralls> marktraceur: The easiest way to set up loans is with Actions>Scheduled Transactions>Mortgage & Loan Repayment... which provides a quite detailed assistant for setting up loan SXes.
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14:56:33 <marktraceur> OK then!
14:56:36 <marktraceur> Thanks, jralls
15:02:55 <jralls> marktraceur: You're welcome.
15:04:13 <marktraceur> Hm, it doesn't appear to work as expected though
15:04:27 <marktraceur> It asks for "length of loan" and "months remaining" which I don't really have
15:04:54 <marktraceur> I guess I could calculate it
15:06:08 <marktraceur> And seems to be calculating the payment amount based on the length of the loan, not the amount I specified - so it winds up paying $19,000 on Tuesday which (I can tell you) is a bad idea
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15:10:28 <warlord> marktraceur: yes, the PMT() function is based on the starting value, ending value, interest, and number of periods.
15:11:21 <marktraceur> Hm.
15:11:30 <marktraceur> So I need to find the number of periods on my own, I guess
15:12:54 <warlord> marktraceur: how could you not know how long you have to repay your loan?
15:13:46 <marktraceur> warlord: I don't think there's a specified length, it's just how much is in the account
15:14:41 <warlord> marktraceur: I dont understand. Is this a loan? Or is this more like a HELOC or Credit Card or other "rolling credit"?
15:14:48 <marktraceur> It's a student loan
15:14:50 <marktraceur> Several, really.
15:15:05 <warlord> and you're paying them back? Or just accruing interest?
15:15:17 <marktraceur> Paying them back
15:16:36 <warlord> then you should know how long you have... generally 10 years
15:17:35 <marktraceur> I don't remember that being the case, but I guess I could look through the documentation again
15:17:56 <marktraceur> But I'm also paying more than the minimum now, which to my research so far is not something I can represent with the loan druid
15:18:21 <marktraceur> I got it *pretty close* but not exact
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15:22:35 <warlord> That is correct, GnuCash cannot compute interest based on account balances, so if you dont follow the amortization schedule then the P/I computations will be "off"
15:22:36 <jralls> marktraceur: It sounds like you're looking for something different than what the loan assistant does. Perhaps you have loan balance and make
15:23:23 <jralls> say monthly payments of an arbitrary amount, and need to know how much of that to credit to interest expense and how much to the Liability.
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17:01:11 <marktraceur> jralls: OK, then I'm thinking I might just drop the idea of tracking the debt in gnucash and just call it an expense
17:02:01 <jralls> marktraceur: OK, that's your call.
17:02:54 <marktraceur> Thanks for the help, though! :)
17:07:53 <jralls> You're welcome.
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