Periodical changes to assets and liabilities
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Please allow periodical changes to asset and liability values without linking those to a spending account. It seems that I cannot add interest to assets accounts. I should be able to add interest income or interest expense and it does not come from my other accounts.
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This is plenty easy to do on an Excel spreadsheet, shouldn't be hard to be done on the app as well.
On the liability acquisition screen, add the following:
- Amount obtained (how much I got)
- Amount due (how much I'll pay for it, in total and considering I will pay every parcel on or before it's due date)
- How many parcels and due dates (usually they are on the same day every month, I, myself, have got only one situation in which it's not)
- Interest rate on the contract
- Interest rate for overdue parcel
- Fees for overdue parcelWith the same going for adding a new Liability on the Balance screen, it would be a complete information.
With this, I could have way better reports on Cash Flow, Projected Balance and Debt Balance; I'd avoid having to input manually 30 year worth of parcels on a mortgage, or even a few parcels of a small loan with the bank because a temporary debt situation; I'd avoid having to produce excel spreadsheets to project my payments and how much I actually have in debt (not just total, but may also be overdue).
Plus, when paying parcels down, I'd have a clear and easy visualization of how much I'll have to pay for it if overdue without having to check my parcel or the contract to read the T&C and calculate how much will it cost me then.
A lot of win situations in this.
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Is there any way to depreciate assets? When you buy a car for example through asset purchase, asset balance is not real because the asset depreciates through years. Is there any way to introduce a depreciation rate for assets? Thanks!3
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Can you improve the asset Class to include appreciation and depreciation, this way you do not need to tie/connect it into an account. Right now if you add (+) on an asset class it will look for an account to reflect the income or expense.
A house or car will depreciate or appreciate in value as it is, you don't need to reflect it in another account.
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I see the depreciation of assets as something that should be developed.
Technology is evolving every day. I set depreciation for 1 electronic product at 5 years. After 5 years I will liquidate and replace it. I need 1 parameter to be able to calculate the depreciation value of 1 product purchased up to now.
I set up a table of 5-year asset depreciation in % as follows
What I do is enter the date of purchase of that device. Money Pro will automatically calculate according to the formula as I set up and will have the remaining value of the products I have purchased and used up to now.
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I thought I am the only one to miss this feature but now I see it has already been requested. I hope they bring it soon.
Thanks
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For me, limiting available types of transaction for asset is not matching the reality, as, as said above, we can have asset that are « simple » savings accounts and that have interest from the bank once a year and this does not come from any of our other accounts…
And it is possible, when the asset is pure money (i.e. savings accounts) to do money transfer from this asset to external account and the opposite too.
Allow normal expense/incomes transactions on assets accounts.
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We could have assets which generate dividend/interest/passive(rental property) income. If we could link these incomes to the assents, it would be really helpful to understand revenue generated by these types of asset.
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I see that the request was created 2 years ago and there is still no progress, that is disappointing, the app has great potential, hopefully they can increase the speed of progress, the depreciation/amortization functionality, along with the functionality to download the reports I think that they are urgent.
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I completely agree! I would love to see this idea implemented!
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