[GNC] Receivable Interest Amount

[narenderreddyn]

Hello,

I have been using GnuCash for almost 7 years now managing my personal
finances. I am in no way a professional & I only have a basic understanding
of accounting. 

So, I have lent some of my money to a business (say XYZ) & to an agreed upon
simple interest paid on a monthly basis. Principal amount stays constant.
The interest payments go on until I request the principal amount be paid
back to me. And I do record the transactions when the money is received. But
the money is never received on the agreed upon date (1st of every month), so
the interest amount which is due accumulates. 
I have a good understanding of how much money in the form of interest I have
received (in GnuCash). All I need is the total amount due.

The accounts I have for this are

Assets:XYZ (The principal amount)
Assets:Bank (Mode which gave the principal amount & receives interest)
Income:Interest Income:XYZ

Let's assume:
Principal Amount: $2000
Rate of Interest: 2%/month
Interest amount per month: $40

I can add an automatic schedule to an account, not sure to which account I
should be doing that. As the interest due must reduce after I record a
payment transaction. Right now, the interest amount is generated in
"Income:Interest Income:XYZ" goes into either bank or cash.

Your help is much appreciated. And I apologize if there is a similar
question out there in the forums, I did try my best for a solution & didn't
find it.

Thank you,
Narender

 



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