[GNC] Canadian Mortgage

[Edward Doolittle]

I do the calculations outside of gc then import (actually, type by hand, because I only do three years at a time).  Having approximate future transactions in the file may affect some reports, but reports should be regarded as correct only up to the reconciliation date of all the relevant accounts anyway. (Personally I estimate everything a year in advance and then correct it as time passes, which gives me an alternative to budgeting. But it’s a bit of work to set that up.)

No calculation I’ve ever done have completely accurately predicted loan payments. Big Canadian banks seem to not calculate interest owed after exactly two weeks, but may modify the time based on the presence of weekends (maybe not an issue either biweekly payments) and “bank holidays”, which may be impossible to predict. (A new Canadian federal holiday has just been added, for example.)

The best anyone can do is predict in advance keeping in mind the arrangement of holidays, then correct later, either by receiving a statement of account and reconciling, or by keeping tabs on the outstanding loan amount on your bank web site.  I would prefer reconciliation but I’ve found it has gotten more and more difficult to get a statement of account from my bank. I would switch banks over that one complaint, if anyone has any suggestions. :-)

Edward
________________________________
From: gnucash-user <gnucash-user-bounces+edward.doolittle=gmail.com at gnucash.org> on behalf of Al Maloney <aosdana at gmail.com>
Sent: Sunday, January 30, 2022 1:13:47 PM
To: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
Subject: [GNC] Canadian Mortgage

How can I use gnuCash for a Canadian mortgage?

I need:
1) frequency of payments as bi-weekly (not semi-monthly)
2) a compounding period of 6 months

These are not available in version 4.9-1 Actions->Scheduled
Transactions->Mortgage & Loan Repayment

I am using macOS 10.14.6 or macOS 12.2

Al Maloney
Velox Versutus Vigilans
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