How to manage loans – How to manage small loans

This type of small daily loans can be managed as follows:Creating a new account : Friends & Family;Creating a new category called “personal loans”;Creating a budget in the Friends & Family account for the previous category, ie setting an expense limit for the “personal loans” category.

When loans are made in cash (as this type of loans usually is):

When loans are made in cash (as this type of loans usually is):

  • Create a “Portfolio” account transfer (as we suggest here so you can more effectively manage ATM withdrawals) for the “Friends and Family” account;
  • In this account categorize this amount as “personal loans”;
  • Optional: create reminder / write something in the transaction notes.

When the money is returned to you:

When the money is returned to you:

Just do the reverse operation!

  • Transfer the money from the “Friends & Family” account to the “Wallet” account;
  • Identify as revenue;
  • This amount will automatically disappear from the budget created for the category “personal loans”.

What if it’s paid for in cafes?

What if it

Not always the small loans are returned in cash, but rather in the form of the same product or service that paid for someone initially.

In this case:

  • Create a transaction with the cost of coffee / beer, etc. in the “Wallet” account.
  • Delete the transaction with the original amount that the person in question owed you in the “Friends & Family” account or edit it (in case the amount is not settled in full) by subtracting the money from the coffee that was paid by the same person .

There are several ways to manage this type of loan at Edmond Dantès, but this one was suggested to us by a customer during an exchange of emails with our support center and we thought it would be interesting to share with our readers.

We always like to receive your suggestions, so feel free to send us your personal tricks of using Edmond Dantès ! You can do it here in the blog comments or via our customer support center email. We thank! (I.e.
In the meantime, we would also like to suggest reading this article by Doctor Finance on the same subject and entitled “Lend money to family and friends: yes or no?”. Whatever your decision on this matter, do not forget to register everything at Edmond Dantès !

 

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