Installment Payment Plans & Bills Due Reminder

[Maf. King]

On Thursday, 8 June 2017 02:35:51 BST Adrien Monteleone wrote:
> Not sure if this is possible, but has anyone worked out a way to get the
> Bills Due Reminder to trigger that a payment is due on a loan or other type
> of installment plan?
> 
> Particularly, this issue comes up with insurance that is charged all at
> once, but paid for in monthly installments. (and then expensed as ‘used’
> each month)
> 
> I can’t see any way to generate a bill due reminder.
> 
> I can enter the full amount of the insurance bill and then just pay the
> monthly amount and let the Bills Due Reminder subtract it as I go. (showing
> the full balance due) But that doesn’t show me that any particular monthly
> payment is due, just the full amount. (or remaining balance)
> 
> I tried bringing a liability account into the mix, because technically the
> insurance is paid for me and then I’m paying on an installment plan. (with
> usually a small monthly service charge for the convenience)
> 
> But unless there is some magic that happens by setting up the liability as a
> type Credit Card or type Loan, it doesn’t seem possible to get a reminder
> for when that installment is due.
> 
> (type Loan won’t seem to work anyway since it demands an interest rate, no
> service fees, and insists on compound as opposed to upfront or simple
> interest)
> 
> How is anyone else handling this scenario?
> 

Hi Adrien,

Personally, I don't put the bill through AP, but have a monthly scheduled 
transaction to account for the actual payments (personal accounts only, 
doesn't crop up in my business accounts)

I'm pretty sure that you can't tie a vendor bill to a scheduled transaction - 
it certainly was not possible in the past, it may have changed with the recent 
improvements to process payment.

0.02
Maf.