[GNC] Loan to family member: How do i setup the account structure

[John Mansfield]

I have lent monies to a family member and now wish to track the balances on an ongoing basis.  I have been looking at the guides etc but just cannot understand the concept / account hierarchy given my circumstances.

The software I am using is:

  *   Version: Version: 4.1, Build ID: 4.1+(2020-07-25)
  *   Windows 10

My location/currency is:

  *   GBP, UK Based

My Gnu Cash account setup is:

  *   I have a cheque account
  *   I have a savings account 1
  *   I have a savings account 2
  *   Plus others.

My use case is:

  *   It will be an interest free loan
  *   My family member has borrowed £2000
     *   Loan taken from Savings account 1 into
     *   Cheque Account then electronically bank transfer
     *   To family member bank account.
  *   A repayment is made each month
  *   The family member transfers a set amount, say £100.  This is electronically deposited into my bank Cheque account
  *   To date, I have electronically bank transferred monies into Savings Account 2 and updated gnu cash
  *   I have no immediate report of monies repaid / outstanding.

My preferred outcome:


  1.  To track the Principal amount of £2000
     *   To track each payment into my Cheque Account from family member - normally monthly (once bank transactions have been uploaded into gnu cash)
     *   To understand how much has been paid - to date
     *   To understand how much is outstanding
     *   To transfer each repayment into Gnu cash Savings account 2 and bank account
     *   To be able to get reports on the above.


Given the above, I would be most grateful if you can advise what account hierarchy / transaction splits etc I need in Gnu cash to support the above?

I thank you for your time and support.

Regards

John Mansfield