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New Loan Shows $0 Balance Despite Entering Balance

kde-jmadero
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Hi All,

Trying to put my new car loan into KMyMoney and coming up with some weirdness.

Steps:
(1) Create new account under existing institution;
(2) Enter loan details (see image);
(3) Go through wizard until completed
(4) Go to home screen

Observed: Under liabilities it shows the new loan ("Lexus") but it shows a balance of $0. See picture.

https://imgur.com/a/fwRFXtF
User avatar ipwizard
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What are the transactions in the loan account? You need to either enter a purchase transaction against an expense category or a transfer into another asset account. Otherwise, your networth calculation would be wrong. It sounds like some of it is missing.


ipwizard, proud to be a member of the KMyMoney forum since its beginning. :-D
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kde-jmadero
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I'm confused about why I need to enter numbers again when I enter it all during the wizard . . . what's the point in my entering a start date, the amount of the loan, how much I put down, an interest rate, and the terms of the loan, if that doesn't actually put it in the ledger and get me on my way to track things?

I couldn't for the life of me figure out why anyone would ever want a purchase transaction against an expense category (in theory it says for cars but when I put the check mark, it added an equivalent amount to another account and totally screwed up my checking account).

Thanks for explaining. I'm pretty savvy with finances and numbers but the way KMyMoney does things doesn't come intuitively. (Also, the loan payment amount appears to be calculating wrong so I'm having to finagle numbers to get the correct payment amount but that's a side issue).

 
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