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 > > > > > > -- > Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html > _______________________________________________ > gnucash-user mailing list > [email protected] > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
