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Yes. You can change the loan payee by editing your transaction. However, we do not recommend that you change the payee, as the new payee name will be applied to all the past transaction records as well. This might lead to incorrect loan repayment history.
In case you transfer your loan to another lender, you can add a new scheduled transaction with the same split categories and the new payee name. This will help you easily track your loan history.
Whenever you want to review the details of this loan, you can search for the transactions by category.
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- Add an asset account, where the value of the asset is the amount you lent.
- Add a transaction to the account where you will deposit the repaid amount, usually a checking account.
- Add a split to this transaction. Add the principal and interest amounts separately. Transfer the principal amount to the asset account to keep track of the amount repaid.
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We recommend that you don't delete the paid-off loan accounts. You can hide them.
Can I access/export my payment schedule?
Yes. If you have set up a payment schedule for your loan, you will see a View Payment Schedule button on your loan dashboard. Selecting that will bring up your loan schedule. It can be exported to a CSV file by selecting the Export button at the top right corner of the schedule. If you have a connected account, you can also export related bank transactions.