This is probably going to seem very stupid. Still, I need to know, so here goes.
Note: Answering my question will require either familiarity with this software, or a free download and the use of some common sense. Website for AceMoney.
In this software, when you create your accounts, you are given the option of creating Bank Accounts, Credit Accounts, Investment Accounts and Loan Accounts. Presumably a Loan Account can be used to track debts (housing loans, students loans, whatever) and the gradual repayment of these.
Let’s say I’ve created a Housing Improvement Loan Account. I proceed to enter the bank and the initial balance (the principal) of this loan. Now my issue is this: I have not been given any option to enter the bank’s interest rates, so basically my Principal seems to remain unchanged regardless of the interest that is constantly accruing.
Is there some way to make a Loan Account reflect reality, or do I need to manually change the Principal each month as I pay the loan off?
Or do I have all this so wrong that sitting in the corner with a Dunce cap on is my only viable course of action?