Tracking Loans in Gnucash

Robert C. Ramsdell III rcriii at ramsdells.net
Mon Mar 8 06:38:28 CST 2004


On Sunday 07 March 2004 01:44 pm, Patrick Scott wrote:
> Hi, I'm a newbie to gnucash.  I would like to know how should I record
> loans that are made by the company to an employee and the repayment of the
> loan.  The assumption is that the repayments will be made over a period of
> time.  Thanks in advance.

You should treat this as you would any other loan.  So under Liability (or 
Liability->Loans), create a new account and give it a reasonable name and 
description.  Then click the Opening Balance tab and fill in the loan amount. 
 Check the Select Transfer Account box, and select the account (i.e. 
checking) that you deposited the money to.  

If the loan has a regular repayment shedule you can also use the 
Mortgage/Loan Druid (under the Actions->Scheduled Transactions menu).

If the loan is auto-withdrawn from your paycheck, then the payment becomes 
another line item in your paycheck split, with the transfer going to the 
loan.  In that case you need to remember to manually add interest to the 
loan, by creating a transfer from an Expense account to the loan.

Robert

>
> Patrick
>
> Regards,
> Patrick Scott
>
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