Loan Account

Is there a way to revert back to tracking accounts for loans?  I hate the new loan account and I transferred them all?

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  • Haven't tried this but looks possible. Instructions are for PC.

    1. Scroll down in the accounts bar (far left bar) to the bottom and expand the Closed option. There you should see all of your tracking accounts that are closed out.
    2. Then, right-click on the tracking account you want to reopen and select Re-Open. This should move your old tracking account out of the "closed" category and back up to the Tracking area.
    3. From there, you'll probably need to delete the "Manual Balance Adjustment" (last transaction) that YNAB auto-added in your tracking account to zero the balance.
      1. At this point, you should be back to where you were with your original tracking account.
    4. Now go to the newer Loan Account, right-click and select Close Account.

    Note: you may need to go back and edit any payments you made to the loan account. These were created as Transfers much like credit cards.

    Best of luck. 

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  • I moved loans from tracking to new Loans and am NOT happy with first usage. I made a mortgage payment, have my ynab item tied to the Loan account, yet, the Loan does not show the transaction. I had to adjust the balance. WTH is the good with this new functionality if it doesn't work? If I have similar failures with my other 2 loans, I'm going to 86 the Loans too. 

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      • djlott
      • djlott
      • 2 mths ago
      • Reported - view

      JBCampo I struggled a bit for this too and it took a little sleuthing for me to figure out. It's not hard once you know the trick and it's worth it IMO.

      Making a payment to a Loan Account now is very similar to how you make a credit card payment. It's recorded as a Transfer so there won't be a category to assign. When you record a payment, in the Category field, click Payment/Transfer and then select the Loan account you want the payment to transfer to. 

      If you've setup the loan properly, i.e., interest rate, current balance, etc., then YNAB will auto calculate the Principal and Interest for you. I've found that with Auto/Mortgage accounts, this works perfectly. However variable loans like HELOCs, your mileage may vary.

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      • JBCampo
      • jbcampo
      • 2 mths ago
      • Reported - view

      djlott Thank you for this info. Do you know if this is documented somewhere on YNAB support site so I can verify? I thought they specifically stated that you tie it to your regular category, like Mortgage. I thought the magic would happen behind the scene. Correct me if I'm wrong, but if you set this as a Transfer, you can't set it as a budget category. Tks again.

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    • JBCampo djlott  Our Helpdoc on adding a payment to a Loan account has our recommended method. When you add a payment, you'll see the balance in the loan account update automatically, like in this quick video I made of adding a payment.

      djlott, I think there's a typo in your method. When you record a payment, instead of listing the payment as a Payment/Transfer in the Category field, you should select the transfer option in the Payee field, indicating that its a payment to the loan account. You can then categorize it to the category where you budget for the payment.

      JBCampo, I'm curious about your not seeing the transaction show or, it seems, the balance update on the loan. Can you tell us a bit more about what you're seeing there?
       

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      • djlott
      • djlott
      • 2 mths ago
      • 1
      • Reported - view

      Dela Thanks. I can't edit my original post as I guess the time period has elapsed. 

      In essence, when you click the Category field, there is a Payment/Transfer button (next to Split) you can click. And then, as you stated, you are moved to the Payee field, where you scroll down to select the loan where the payment should be applied.   

      Like 1
    • Gary
    • Navy_Blue_Wildebeest.10
    • 10 days ago
    • 2
    • Reported - view

    I like all the features of YNAB except the new Loan Account type feature. When it offered  I opted to switch the three loan (tracking) accounts I had to Loan Account type. Since then I  could not understand what the heck was going on in those Loan Accounts. There were automatic adjustment entries  left, right and center, calculated interest did not align with actual bank interest and worse was that I could not see a clear transaction list view. 

    Having had enough of this useless feature, I reverted back to old tracking accounts and deleted all those Loan type accounts for good. I had to do some manual transaction entries to cover the last 3months. But for me, it was worth going back.

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