If I were to borrow money from a friend or family member. Here is what I’ve worked out so far. Please let me know if I’m on the right track and what else I might be missing.
- Setup a manual liability account with the amount owed
- How do I record the initial inflow?
- Record payments as either transfers or expenses
- expenses if I want to budget for the payment. Transfers otherwise?
- Manually adjust the balance of the manual account each month after the payment.
Another note / question is I think I did something wrong here or in some other setup because my cashflow for the year in my yearly budget and the change in my net worth don’t seem to line up. Any advice on reconciling this?