[GNC] Receivable Interest Amount

[David Cousens]

Narender,


The transaction you need to schedule using the scheduled transaction  assistant is as follows:

Asset:Bank             Db $40
Income:Interest:XYZ             Cr $40

There is no change to the Asset:XYZ until you receive payments off the principal.

David Cousens

On Tue, 2018-12-25 at 22:55 -0600, narenderreddyn wrote:
> 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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