Ability to manage and track details on Loan Accounts [edited] (1 Merged Vote)

djzimmer
djzimmer Member
edited December 2021 in Feature Requests
I've been reading through the various feature requests and did not see any that address this specific need.

I would like to be able to create a loan account (manually, as it is not attached to a bank, but rather a family member) and show the starting balance of the loan, the APR, monthly payment plan, ability to modify payments on a monthly basis or larger grouping, denote extra payments. In the end, I would like very clear visibility on the progress of paying a personal loan off.

It would be extremely helpful if the debits from my checking account could be identified and subtracted from the balance of the loan account.
8 votes

Active · Last Updated

Comments

  • cfoxcvg
    cfoxcvg Member ✭✭✭✭
    edited December 2021
    Need to add mortgage/loan interest rate so we can track principal and interest payments and keep accurate track of account balance for manually tracked accounts. 
  • cfoxcvg
    cfoxcvg Member ✭✭✭✭
    @Coach Natalie
    What is Simplifi's suggested approach to tracking a mortgage payments interest and principal as of right now? Or any other loan payment? I have tried several approaches but I have not gotten any outcomes that accurately keep up with my current remaining balance for this type of debt. 
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Hello @cfoxcvg,

    Thanks for the inquiry!

    If you're looking to track your loan payment details such as interest, principal, escrow, etc., you'd want to track the account manually in Simplifi, as this option would allow you to enter your payment transactions and split them accordingly. 

    More details on tracking loans in Simplifi can be found here. I hope this helps! :smile:

    -Coach Natalie
  • cfoxcvg
    cfoxcvg Member ✭✭✭✭
    Hello @cfoxcvg,

    Thanks for the inquiry!

    If you're looking to track your loan payment details such as interest, principal, escrow, etc., you'd want to track the account manually in Simplifi, as this option would allow you to enter your payment transactions and split them accordingly. 

    More details on tracking loans in Simplifi can be found here. I hope this helps! :smile:

    -Coach Natalie
    I read that article. So I already have my mortgage set up as a manual account as its institution is not online. Should I create another account for the principal portion of each payment to be linked to via a category? Then would I ignore this this principal account so it does not affect my net worth or do a balance adjustment monthly to zero the account out? Any suggestions? 
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Hello @cfoxcvg,

    I don't personally track any loan accounts in Simplifi so I'm sorry that I don't have specific suggestions on how best to go about this, however, if I were too, and if I wanted to track the specific details of my payments, then I imagine that I would track everything under one manual account.

    I'd create the manual account using the current balance of my loan as the opening balance, and then each month I'd enter the payment that I made as a manual transaction, and I'd split the payment to show what portion of the payment is going towards each aspect of the loan (principal, interest, etc). I'd also most likely create unique Categories to use for the payments and splits so that I can track each aspect accordingly.

    Hopefully some other Users also come along with advice on how they track their loan details in Simplifi, but I hope that this provides some direction. :wink:

    -Coach Natalie