Use a Money
loan account to track money that you owe. To track every penny,
give Money details about the
loan (An agreement
to borrow or lend money, usually with an interest charge on the
amount borrowed.) , and Money will automatically calculate
principal
(The amount still owed on a loan. Also, the part of a
loan payment that reduces the loan's outstanding balance.)
and interest payments, tax-deductible interest, and remaining
principal.
Note
If you used the loan to buy an asset (An item of
value that you own. Assets can be tracked in Money by using asset
accounts.) and you want Money to calculate your net worth
(The value of everything owned by you or your business,
minus any of the values of any liabilities.) for financial
planning, select Track transactions and other
details.