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

[Geoff]

Hi John

I am not an accountant, and others may chime in with better solutions, 
but this is my suggestion.

Since there is no interest involved, you just need to set up an 
additional loan account for the family member under Assets, and enter 
the transactions you have described below.

A picture is worth much typing, so please see attached a screenshot of 
the Chart of Accounts with accompanying register transactions in each of 
the four accounts.  This shows the situation after three monthly 
repayments, but before you have transferred the third repayment from 
Cheque to Savings 2. I have also attached the Transaction Report which, 
I think, adequately meets your outcome requirements.

Hope this helps.

Regards

Geoff
=====

On 23/09/2020 9:27 pm, John Mansfield wrote:
> 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
> 
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