paying off a loan early

ianpmitchell's Avatar

ianpmitchell

10 Jul, 2018 01:26 PM

Hi,

I had a loan for a car that I have paid off early. The loan consisted of 48 monthly payments and was set up as a loan in Moneydance and a final balloon payment set up as a liability in Moneydance. Having paid off the loan early I have an interest rebate. This means the sum of the loan and liability in Moneydance doesn't add up to the amount repaid.

As an example assume the Loan has an outstanding balance of £10,000 and the balloon payment, (liability) was £5,000. The early settlement figure was £14,000, ie I have a rebate of £1000 for early repayment.

In MoneyDance I have entered a transaction from my bank account to the Liability account of £5,000 bringing the Liability account to zero balance. Just what I wanted.

I then entered a transaction in my bank account for £9,000 to my Loan account. (£9,000 + £5,000 = £14,000). The loan account still shows a balance which is not due because the rebate has not been taken into account. I can't enter a transaction entered directly into the Loan Account to zeroise the account.

How do I clear this loan account to zero?

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