I established a car loan in KMyMoney. Executed via 'Scheduled transactions' beautifully over loan life. A final 'pay-off' was executed this month. Final 'pay-off' value adjusted and executed using 'Scheduled transaction'. The account correctly shows a balance of $0. However, 'Scheduled transactions' has simply queued up next month's payment. How is this process best halted? Does the 'Loan Wizard' understand that the loan is satisfied, and automatically discontinue payments? Or, do I simply 'delete' the scheduled loan payment from 'Scheduled transactions'? Just looking for the best/proper method to close out this loan. Thanks in advance for any help.

You can turn on the "This schedule will end at some time" option of the schedule and set the number of payments to 0. There's also an option to suppress the display of finished schedules, that way it will stay on file but will not clobber the list of schedules.

Hi Thomas,

The option to turn on the "This schedule will end at some time" doesn't exist for a loan. When you go to edit the appropriate scheduled transaction for the loan the "Edit Loan Account Wizard" opens. I think that only leaves the option to, "Delete Scheduled Transaction". Is there any issue with deleting the schedule when the loan goes to 0? I'm going to be facing this issue in the next year.

We are paying off our mortgage faster than the original loan term and I think the program might want to keep posting the schedule until the term runs out. Or should the term length be adjusted to the paid-off term to stop the scheduled transactions?

Thank you,

Mike

I have done some research with using a test KMM database. The only way to handle a situation where a loan is paid off earlier than the original term is to delete the Loan scheduled transaction(s) in the Scheduled Transaction Tab after the Loan account has been been brought down to $0. In order to do this you simply go to the Schedule Transaction tab and right click on the Loan that is scheduled and select the "Delete schedule transaction". Any future scheduled transactions will no longer appear and then you can close the Loan account as well if you no longer wish to see it in your account list.

I mentioned the possibility of changing the term in my previous post but that doesn't work. Which only leaves the procedure noted above.

Mike

Looking at my own historic data, I still have the loan accounts (closed) on file but no schedule associated to them but still have all the other finished schedules. So it seems, I have solved the problem the same way (deleting the schedule when the loan is paid back in full). If you feel there should be a direct possibility via the UI to support this, please feel free to create an entry on our bug tracker and make sure to set the severity to wishlist. A cross-reference (link) in the description of it to this entry is very much appreciated.