Guide: Sample for Loan chapter

[Bengt Thuree]

erh... um... not taken yet :)

On Tue, 2006-04-11 at 14:20 -0400, Derek Atkins wrote:
> So, um...  where are these screen shots?
> 
> -derek
> 
> Quoting Bengt Thuree <bengt at thuree.com>:
> 
> > Hi
> > Here is another example for the Guide : Loan chapter.
> >
> > Any comments?
> >
> > /Bengt
> >
> > (based upon
> > https://lists.gnucash.org/pipermail/gnucash-user/2005-July/014219.html)
> >
> > A personal loan to a friend
> >
> > This example will show how to track two personal loans
> > * A loan of 1,000 USD (default currency) to Peter
> > * A loan of 20,000 EURO (non default currency) to Mark.
> >
> > We start with the first loan to Peter.
> >
> >> Assets:Bank:USD (USD)
> >> Assets:Money owed to you:Peter (USD)
> >> Income:Interest Income:Peter (USD)
> >> Equity:Opening Balances:USD (USD)
> >>
> >
> > <Screen shot>
> >
> > Peter's loan details:
> > Pinciple Amount - $1,000
> > Term - 1 years with 12 payments per year
> > Annual Percentage Rate: 5%
> > Monthly Payment: 85.61$
> >
> > (Most spreadsheets have a built in function to calculate the payment.
> > In Open Office it is a Financial Function called PMT)
> >
> > <screen shot of PMT>
> >
> > When the loan are first made, the accounting entry will be:
> > 				Increase	Decrease
> > Assets:Money owed to you:Peter    $1,000
> > Assets:Bank:USD                   		$1,000
> >
> > <screen shot>
> >
> > When the first payment is received:
> >
> > Outstanding loan amount this period = $1,000
> > Payment per month = $85.61
> > Payment breakdown
> >  5%/12 * $1,000 = $4.17  Interest
> >  $85.61 - $4.17 = $81.44 Principle
> >
> > 				Increase	Decrease
> > Assets:Money owed to you:Peter    		81.44
> > Income:Interest Income:Peter			4.17
> > Assets:Bank:USD                   85.61
> >
> > The balance on Peters loan is now $1,000 - $81.44 = $918.56
> >
> > <screen shot>
> >
> > When the second payment is received:
> >
> > Outstanding loan amount this period = $918.56
> > Payment per month = $85.61
> > Payment breakdown
> >  5%/12 * $918.56 = $3.83 Interest
> >  $85.61 - $3.83 = $81.33 Principle
> >
> > 				Increase	Decrease
> > Assets:Money owed to you:Peter    		81.33
> > Income:Interest Income:Peter			3.83
> > Assets:Bank:USD                   85.16
> >
> > The balance on Peters loan is now $918.56 - $81.33 = $837.23
> >
> > <screen shot>
> >
> > As you can see, the amount received in interest and principle changes
> > each month.
> >
> > The Loan to Mark will be according to the same principle.
> > The key thing with this loan, is that it is made in a non default
> > currency.
> > But we use the same account structure as before, but ensuring that each
> > account's currency
> > is the same currency as the loan is made in (Euro)
> >
> >
> > Assets:Bank:EURO		(EURO)
> > Assets:Money owed to you:Mark	(EURO)
> > Income:Interest Income:Mark	(EURO)
> > Equity:Opening Balances:EURO	(EURO)
> >
> > Mark's loan details:
> > Pinciple Amount - 20,000
> > Term - 5 years with 12 payments per year
> > Annual Percentage Rate: 6%
> > Monthly Payment: 386.66$
> >
> > The rest follows the previous example (loan to Peter)
> >
> >
> >
> > _______________________________________________
> > gnucash-devel mailing list
> > gnucash-devel at gnucash.org
> > https://lists.gnucash.org/mailman/listinfo/gnucash-devel
> >
> 
> 
>