Money I owe someone else?
Been trying to wrap my head and am honestly struggling.
I borrowed ~$3,000 from someone (person, not company, no interest). I'd like to track every payment I've sent their way to pay back the loan.
How best should I set this up? I've thought maybe to use an account, but which kind? Line of credit? Liability?
What's worked for you?
-
This article goes into how to set up a debt/loan. You'll likely choose to use "Method 2" since you want to track your payments/progress (note: since your loan won't incur any interest, you can ignore step 5):
-
Method 2 from the Help doc Melissa mentioned would be a good fit for what you need! 🙂
Just adding a bit more context here that setting the account up as a Liability Tracking type means the account is "off-budget." You might have other reasons for using Tracking accounts, too! More detail on accounts types can be found here: https://docs.youneedabudget.com/article/177-account-types
