charging interest on AR accounts


N

new2money

I'm working in Money 2006 Small Business for a small used car lot -- we carry
the loans for the cars we sell. I need to find a way to set everthing up so
that when a customer purchases a car, Money will figure the loan, charge the
interest, track the payments, remind when a payment is over-due, etc.

I tried to do so under "Business", set up Accounts Receivable and created in
invoice for a customer. However, I can't figure out how to do the interest,
etc. Can anyone give me an idea of how to do this? Thanks! I appreciate
any help!
 
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C

Cal Learner-- MVP

I'm working in Money 2006 Small Business for a small used car lot -- we carry
the loans for the cars we sell. I need to find a way to set everthing up so
that when a customer purchases a car, Money will figure the loan, charge the
interest, track the payments, remind when a payment is over-due, etc.

I tried to do so under "Business", set up Accounts Receivable and created in
invoice for a customer. However, I can't figure out how to do the interest,
etc. Can anyone give me an idea of how to do this? Thanks! I appreciate
any help!
An idea is to set up a Loan account. When you create the account, it
will ask if you are lending or borrowing.

http://umpmfaq.info/faq.html#S23 is oriented to borrowing, but some
of the items could be useful.

I am not going to be getting into the details. I suggest you put
test data into a test file to see if/how this will do the job.
 

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