How To Handle Loans

There is so much more to Ploutos Budget than just budgeting. We have created Ploutos Budget to be your central hub for all your financial accounts.

When we create an account to track a loan or other debt, we assign a category from which the money will be deducted to repay that loan. This is similar to when we purchase groceries and the payment is taken from a "Grocery" category. You can establish a new category specifically for this loan or use an existing one.

🌎 Web Application

Add A Loan Account To Track

1. Click the "Create" button in the bottom right corner.

2. Click "Account".

3. Assign a "Name" to this account for easy identification.
4. Select "Loan" for the "Account Type".
5. Select a "Category" that will be used to make your loan payments.
   1. You can use an existing one or create a new one.
6. Enter in your current loan "Balance".
7. Click "Save".

Add A Loan Payment Into Ploutos Budget

1. Click the "Create" button in the bottom right corner.

2. Click "Transaction".

3. Toggle whether or not the transaction has "Posted" at your banking institution.
4. Select the "Date" of the transaction.
5. Enter the "Amount".
6. Click the "Payee" field and select the loan you are making the payment to.

7. Click the "Account" field and select the account you are making the payment from.
8. The category will default to the linked category.
9. Enter any helpful "Notes" for yourself. (optional)
10. "Flag" the transaction. (optional)
11. Click "Save".

If you navigate to the "Accounts" tab, you will see two transactions. One is a debit from the account used to pay the loan, and the other is a credit to the loan account.

If you have a loan or any other type of debt, it will continually accrue interest until it is fully paid. To ensure your accounts in Ploutos Budget reflect your real-life accounts, you can add a transaction for the interest charge.

The "Payee" should be the entity that holds the loan and charges you interest. For instance, if "U.S. Bank" holds your mortgage loan, they would be the ones charging you interest. (Make sure you are selecting from the "Payees" section, not the accounts for U.S. Bank.) In this scenario, the "House" account represents your loan account in Ploutos Budget.

📱 Mobile Application

Add A Loan Account To Track

1. Press and "Create" button in the bottom navigation.

2. Press "Account".

3. Select "Loan" for the account "Type".
4. Give this account a helpful "Name" to identify it.
5. Select a "Category" that will be used to make your loan payments.
   1. You can use an existing one or create a new one.
6. Enter in your current loan "Balance".
7. Press "Save".

Add A Loan Payment Into Ploutos Budget

1. Press and "Create" button in the bottom navigation.

2. Press "Transaction".

3. Toggle whether or not the transaction has "Posted" at your banking institution.
4. Select the "Date" of the transaction.
5. Enter the "Amount".
6. Press the "Payee" field and select the loan you are making the payment to.

7. Press the "Account" field and select the account you are making the payment from.
8. The category will default to the linked category.
9. Enter any helpful "Notes" for yourself. (optional)
10. "Flag" the transaction. (optional)
11. Press "Save".

If you navigate to the "Accounts" tab you will see that two transactions were created. A debit from the account you paid the loan with and a credit towards the loan account.

If you have a loan or any other type of debt, it will continually accrue interest until it is fully paid. To ensure your accounts in Ploutos Budget reflect your real-life accounts, you can add a transaction for the interest charge.

The "Payee" should be the entity that holds the loan and charges you interest. For instance, if "U.S. Bank" holds your mortgage loan, they would be the ones charging you interest. (Make sure you are selecting from the "Payees" section, not the accounts for U.S. Bank.) In this scenario, the "House" account represents your loan account in Ploutos Budget.