Managing Loans with Offset accounts

Mark_B
Mark_B Member Posts: 21
I've found managing Liability Loans with Offset accounts difficult to manage in Reckon Personal Plus. If you setup the account, there is no relationship between the loan and offset account and when the the interest on the loan is calculated each month the amount of interest you paid is not adjusted with the amount in the offset. In my view it would be better if the loan could be linked in some way to the saving account of choice so that interest payable is automatically calculated automatic the principal portion unchanged for interest only loans. Reports can the generated demonstrating the benefits of the offset.

At the moment I have an interest only loan setup. To try and get a somewhat accurate view of my progress on reduced interest repayment for reporting,  I make a "deposit" on the loan account, as the loan amount changes so does the interest payable. But in real terms it does not look right as the loan is not P&I) and therefore would not normally be showing the loan amount as decreasing.

Can we make this easier?

Comments

  • Mirko
    Mirko Alumni Posts: 1,258 ✭✭
    edited November 2015
    Thanks for the great suggestion Mark. I'll send this off to our Development and Product Managment teams for consideration in future releases. ^Mirko
  • Mark_B
    Mark_B Member Posts: 21
    edited April 2016
    Hi Mirko

    Do you know if this feature will be available in the next release?