Automatic Loan Interest Calculations

[Damien]

Hi There,

I have been transacting a couple of loans onto my accounts this evening, and one thing I found myself doing was creating an excel spreadsheet to calculate the compounded monthly interest per month/per loan so that I can create a transaction of that amount and post it against “Loan Interest Paid”.

Is there a way that I can set QuickFile up to automatically create a “Loan Interest” transaction on a loan account each month based on a fixed APR?

I’m trying to move away from keeping spreadsheets (which was the reason for moving to this platform) - but I cant seem to find anything in QuickFile which will help me with this particular problem.

Any help you can offer would be greatly appreciated.

Many Thanks,

Damien

[Glenn]

We do support recurring journals which could in theory be used to automatically produce regular fixed entries on a bank account. However with compound interest the amount will likely decrease over the term of the loan.

Although we have been asked in the past to calculate interest on overdue invoices, this I believe is the first request for interest calculations on bank account balances. For now I have switched the thread to a “feature request”, if we get further support for this idea we will certainly consider this.