Setting up Scheduled Transaction to process loan payments

[Elmar Schmeisser]

In my case, it is a bank loan for a car.  It has regular scheduled
monthly payments, but somehow the formula that GC uses and the formula
that the bank uses are different to calculate the total payment, and how
it is split between interest and principal. - elmar

On 5/18/2016 10:14 AM, Don Ireland wrote:
> What type of account is it?  A credit card?  A loan?  A savings
> account?
> 
> I doubt this would ever work on any account in which average daily
> balance is used for calculating the interest.  That is unless the
> dates on all your transactions exactly match those that the bank
> shows.
> 
> If you have a cc and you input a transaction today for some purchase,
> it might not show on the bank's ledger for another day or two.
> Things like that could easily mess with any calls based on Aug daily
> balance.
> 
> On May 18, 2016 8:50:50 AM CDT, Elmar Schmeisser
> <eschmeisser at nc.rr.com> wrote:
>> I've tried to use the system, but the interest and principal it 
>> calculates are off from what the bank tells me it has posted.  I'm
>> not sure how to fix this.  Help? - Elmar
>> 
>> On 5/17/2016 8:35 PM, Don Ireland wrote:
>>> I've found the following link and it looks promising for this.
>>> 
>>> http://svn.gnucash.org/docs/head/loanhandling.html
>>> 
>>> Don Ireland
>>> 
>>> On 5/17/2016 7:12 PM, Don Ireland wrote:
>>>> I've read that I can create scheduled transactions that look at
>>>> the current balance, calculate the interest and deduct it from
>>>> the total amount of the payment.  But I'm having trouble
>>>> figuring out how the formula works (I don't even know WHAT the
>>>> formula is called or what the variable names are).
>>>> 
>>>> Can someone shed some light on the subject?
>>>> 
>>>> TIA!
>>>> 
>>> 
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>> 
>> _______________________________________________ gnucash-user
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> 
> Don Ireland
>