A standard account set includes checking accounts, loan accounts, liability accounts, as well as general income and expense accounts. Minimal account sets include just checking and savings, and leave you to import your data from other financial management programs. You need to enter standard bank account information, such as the account and routing numbers, for Moneydance’s check printing and online banking functions. If you’re setting up a credit card account, you can enter a card’s annual percentage rate, while liability accounts ask for your initial liability. Once your data is set up, you can begin entering transactions. If you’re security-conscious, you can encrypt your data with a choice of either 56-bit DES or the somewhat slower Triple DES. If you use the Reminder to enter the transaction for your mortgage payment in MD going forward, the correct amortization should be calculated automatically for this loan.If you ever need to get your information out of Moneydance, you can export it to.Select the Loan from the Sidebar - it should now display the correct Principal Remaining, # of payments remaining, and the Upcoming Payment should have the correct Principle and Interest amounts, as well as, Escrow amount reflected. A window will appear that asks if you would like to transfer this amount of this loan to an account.When the 'Account Info: Loan' window appears, select Specify Payment and enter your regular monthly payment amount.Ĭhange the Principal field to match the Current Balance of the loan provided by your mortgage holder.Select Account → Edit Account from the menu. Select the Loan from the Sidebar and note that the loan information appears in the upper right hand corner. The Loan should appear in the Sidebar and on the Summary with the original loan balance.Note that the Total Payment, including the escrow amount, is equal to your monthly payment.Leave check number blank, and enter the name of the loan holder in the Payee field. Select Monthly, Choose a Date to be reminded and specify the From Account: field.This is different from the Start Date entered previously. You can read more about Loan Reminders towards the start of this article.Įnter the current due date in the First Date field within the Reminder window.Another window will pop up and ask you if you want to create a Reminder.Answer NO unless you would like to record a deposit of the loan principal into another account. A window pops up that asks if you would like to transfer this amount of this loan to an account.This recalculates the Payment Amount and it should equal exactly what your payment is each month.Įnter the original first payment due date in the Start Date field. Set the Interest Category to the appropriate category.Įnter the Escrow Payment amount. If it is not even close, then some of the above figures you entered are incorrect. This will recalculate the loan payment and it should be equal to your actual loan payment before any escrow payments, mortgage insurance, or other charges are added. A 30 year mortgage will have 360 payments. Change this only if your loan is structured differently.Įnter the number of payments. The loan rate will be available from your annual mortgage statement. The original amount is available on your loan disclosure documents or from previous mortgage statement.Įnter the correct interest rate. This will calculate a loan payment in the Calculate Payment field which you can read about at the bottom of this article. Call it Home Mortgage or something meaningful to you.Įnter the ORIGINAL amount of the loan. When the 'Create Account: Loan' window appears fill in the fields carefully.From the Menu select Account → New Account → Loan. Then we will edit the loan to get the correct balance and number of payments remaining. You will need to know the original loan amount, the correct interest rate, the current loan balance, the correct loan payment (principle plus interest), and the additional escrow amount, if any.įirst we will setup the loan, including the reminder. The following instructions are for setting up a loan account with a fixed rate that has been in existence and you have been making payments prior to using Moneydance.
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