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Adding debt follows the same pattern as paying expenses and receiving income.
(Salary) :> aa Account: Loan 0: Expense 1: Income 2: Asset 3: Liability Type: 3 Opening Balance: 0 (Loan) :> t 0: Checking 1: Rent 2: Salary 3: Loan To Account: 0 0: Checking 1: Rent 2: Salary 3: Loan From Account: 3 Amount: 10000 Description: Personal Loan Day: Year [2019]: Month [4]: Day [30]: (Loan) :> la Checking 24000.00 24000.00 Rent 2000.00 2000.00 Salary -6000.00 -6000.00 Loan -10000.00 -10000.00 (Loan) :> lt 2019-04-30 Personal Loan -10000.00
Usually, people do not give you interest-free loans. So you will also need an expense account for paying interest.
(Loan) :> aa Account: Interest 0: Expense 1: Income 2: Asset 3: Liability Type: 0 Opening Balance: 0 (Interest) :>
To pay back loans, use the command pl. This command allows you to split your payment on the loan between interest and principal.
(Interest) :> pl 0: Checking 1: Rent 2: Salary 3: Loan 4: Interest Loan Account: 3 0: Checking 1: Rent 2: Salary 3: Loan 4: Interest Interest Account: 4 0: Checking 1: Rent 2: Salary 3: Loan 4: Interest Pay from Account: 0 Principal: 70 Interest: 30 Description: Loan Payment Day: Year [2019]: Month [4]: Day [30]: (Checking) :> la Checking 23900.00 23900.00 Rent 2000.00 2000.00 Salary -6000.00 -6000.00 Loan -9930.00 -9930.00 Interest 30.00 30.00
It is useful to see broadly how much we are spending, how much we are making, and how in debt we are. To do so, we can use the command bt.
(Checking) :> bt Expense 2030.00 2030.00 Income -6000.00 -6000.00 Asset 23900.00 23900.00 Liability -9930.00 -9930.00 Worth 13970.00 13970.00 Balances 10000.00
Note that income is measured as a negative number as are liabilities. Worth is Assets + Liabilities (because Liabilities are negative in Leas). Balances gives the total of the opening balances.
Next: Non-cash assets, Previous: Earning income, Up: Tutorial [Contents]