Dear all,

yesterday the whole evening I have tried to create a credit account, without any success. The requirement is quite simple:

loan value = 100.000 €
interest rate = 5%
redemption = 2%
monthly instalment = const.

So every month the paid interest is decreasing whereas the redemption is increasing.

Is it possible to create such a credit account or do I waste my time?

Thanks, Thomas

Yes, it is. I have four of those here on file. Please describe the problem you encounter in more detail. Also, which version you are using would be interesting.

Oh, and btw, this feature even creates a (monthly) schedule for you that is automatically adjusted for each payment

I think what you are looking for is 'Loan' under New Account type.

Yes, John is right: I am looking for loans ...

KMyMoney Version 1.0.4

When I am creating a loan I get ...

loan value = 0

Reduced monthly by a constant redemption, which is in fact the instalment entered by me.

All postings are posted on 05.05.2010 (Today)

What's going wrong here?

Can you explain a bit furthat what data you have entered in the loan wizard?

Hei Ku wrote:Can you explain a bit furthat what data you have entered in the loan wizard?

Ok

0. Account
0.1 Name = My Account
0.2 Type = Loan
0.3 Curreny = EUR
0.4 Opening date = 01.08.2007
0.5 Opening balance = 200000

1 Details
1.1 Type = I am borrowing money
1.2 Payee = Doesn't matter
1.3 Did you make/recive any payments yet? = Yes
1.4 Which payments do you want to record? = Beginning of the current year
1.5 Balance before = 100000
1.6 Frequency = Monthly
1.7 Compounding frequency = Monthly
1.8 Due date of first payment = 31.01.2010
1.9 Type of interest = Fixed
1.10 Time between = N/A
1.11 Next change = N/A

2 Payments
2.1 Calculated = When Payment is received
2.2 Loan ammount = 100000
2.3 Interest = 5 %
2.4 Term = 5 Years
2.5 Payment = 1000
2.6 Balloon = empty (calculated)

3 Fees
3.1 Additional fees = 0

4 schedule
4.1 category = Principal and Interest
4.2 Account = My Account
4.3 First payment = 31.01.2010

5 Payout
5.1 Don't create = checked
5.2 Refinance = unchecked
5.3 Asset = N/A
5.4 Loan = N/A
5.5 Date of Payment = 01.08.2007

Results in ...

Opening Balance = 01.08.2007 100000 €
=> Date should be 01.01.2010 (Beginning of current year)
4 Postings: 06.05.2010 (Today) 583,33 €
=> Date should be 31.01./28.02./31.03./30.04.2010, Amount should increase

Now it's getting interesting ...
I am entering the scheduled transactions manually and they replace the old postings with the correct one!

So I am almost fine, but this behaviour is not very intuitive ... or have I missed it in thr documentation?

Finally I have found some other issues/questions during my testing:

Scenario A

1.4 = All payments
5.1 Don't create = checked
=> No Opening balance is created.
=> Entering the scheduled transactions manually doesn't work.

Scenario B

1.4 = All payments
5.1 Don't create = unchecked
=> Opening Balance = 01.08.2007 200000 €, which is correct
=> Entering the scheduled transactions manually doesn't work.

By the way ... I like KMyMoney very much ... I am currently migrating from Windows/Quicken, which has much more bugs ... and the support by you guys is much more faster and better!!!

frosch wrote:
0. Account
0.1 Name = My Account
0.2 Type = Loan
0.3 Curreny = EUR
0.4 Opening date = 01.08.2007
0.5 Opening balance = 200000

0.5 has no influence here (in your case) but since we don't know what you are trying to do (record payments from 1st of this year only) we ask for it.

frosch wrote:1 Details
1.1 Type = I am borrowing money
1.2 Payee = Doesn't matter
1.3 Did you make/recive any payments yet? = Yes
1.4 Which payments do you want to record? = Beginning of the current year
1.5 Balance before = 100000
1.6 Frequency = Monthly
1.7 Compounding frequency = Monthly
1.8 Due date of first payment = 31.01.2010
1.9 Type of interest = Fixed
1.10 Time between = N/A
1.11 Next change = N/A

2 Payments
2.1 Calculated = When Payment is received
2.2 Loan ammount = 100000
2.3 Interest = 5 %
2.4 Term = 5 Years
2.5 Payment = 1000
2.6 Balloon = empty (calculated)

3 Fees
3.1 Additional fees = 0

4 schedule
4.1 category = Principal and Interest
4.2 Account = My Account
4.3 First payment = 31.01.2010

5 Payout
5.1 Don't create = checked
5.2 Refinance = unchecked
5.3 Asset = N/A
5.4 Loan = N/A
5.5 Date of Payment = 01.08.2007

Hmm, I did not see the payout option when recording from 1st of this year (which makes sense).

frosch wrote:
Results in ...

Opening Balance = 01.08.2007 100000 €
=> Date should be 01.01.2010 (Beginning of current year)
4 Postings: 06.05.2010 (Today) 583,33 €
=> Date should be 31.01./28.02./31.03./30.04.2010, Amount should increase

Now it's getting interesting ...
I am entering the scheduled transactions manually and they replace the old postings with the correct one!

Ok, what you see in the first place are not the transactions (postings) themselves, but the preview of the overdue payments as calculated from the scheduled transaction. Overdue payments will be shown in dimmed mode and the date is adjusted to today if the calculated payment date is prior to today. Once you enter them on their resp. due date everything is OK. Also the amount increases as expected after each payment is recorded.

frosch wrote:So I am almost fine, but this behaviour is not very intuitive ... or have I missed it in thr documentation?

Well, it's a mix of several features leading to this.

frosch wrote:
Finally I have found some other issues/questions during my testing:

Scenario A

1.4 = All payments
5.1 Don't create = checked
=> No Opening balance is created.
=> Entering the scheduled transactions manually doesn't work.

You tell KMyMoney that you want to record all payments (transactions) yourself and you don't let it create the payout. This results in an account with no transactions. So the balance is zero. Of course, paying back a loan with a zero balance does not work/make sense.

frosch wrote:
Scenario B

1.4 = All payments
5.1 Don't create = unchecked
=> Opening Balance = 01.08.2007 200000 €, which is correct
=> Entering the scheduled transactions manually doesn't work.

Now you create a first transaction (the so called opening balance transaction) and now there is a balance that needs to be paid back. The scheduled transactions don't show, because the first due payment is on 31.5.2010 (which might be a bug in that case).

frosch wrote:By the way ... I like KMyMoney very much ... I am currently migrating from Windows/Quicken, which has much more bugs ... and the support by you guys is much more faster and better!!!

Thanks. I might have to quote you and drop it on our user compliments page