Having problems to register a loan
I got 6K of loan. It does not serve an specific purpose (like car etc). It will be budget in several different expenses. Its registered in my checking account, so I cannot put as debt.
I tried to create a new account called Loan and put it as transfer to checking account and categorize as loan. But that didn't appear in my budget. Well it did, but since there is negative and positive balance is zero. I need it to sum to my total budget of the month.
The loan will be payed only next year. So I it wouldn't look nice if I be 6K negative in my budget till next year. Otherwise it will look as I always don't have money. I would like to have it as a negative so I can control the budget in a way I will be paying it.
If I just register as income in Checking account, how to I control that I have this loan?
The loan itself should be a tracking account or not in YNAB at all.
If you set up the loan as a tracking account, start it with a ZERO balance, and transfer the amount of your loan to the checking account, categorized to Inflow: To Be Budgeted. Later on, payments will be transfers back to the account and categorized to your category where you budget for the payments. You'll need to make reconciliation adjustments in the loan account for interest.
If you choose not to make the loan a tracking account and leave it out of YNAB entirely, then the deposit to your account should be like any other income and the payments would be transactions categorized to your loan repayment category. Essentially the same as my first paragraph as far as the checking account is concerned, but as regular transactions instead of transfers.Reply