Pay debt marked on the calendar with a red pin

How To Handle Loans

July 07, 2023

Web App Instructions

There is so much more to Ploutos Budget than just budgeting. We have created Ploutos Budget to be your central hub for all of your financial accounts. On top of being able to budget and track your investments, you can also keep track of your loans and other debts.

When we create an account to track a loan or other debt we assign a category that the money will be pulled from to pay that loan. Just like when we buy groceries and the money to pay for the groceries comes out of a "Grocery" category. You can create another category specifically for this loan or use one that already exists.

Note: The category, once linked can only be used for that account.

Add A Loan Account To Track

  1. Press the Add Button in the bottom navigation.
Press add button
  1. Press Account.
Create drawer
  1. Select "Loan" for the Account Type.
  2. Give this account a Name.
  3. Select a Category that will be used to make your loan payments.
  4. Enter in your current loan Balance.
  5. Press Save.
Filled out loan account form

Add A Loan Payment Into Ploutos Budget

  1. Press the Add Button in the bottom navigation.
Press add button
  1. Press Transaction.
Create drawer
  1. Toggle Posted on or leave off for a transaction that has not been posted at your financial institution yet.
  2. Select the Date of the transaction.
  3. Enter the Amount.
  4. Press Payee field and select the loan you are making the payment to.
Payee options
  1. Press Account field and select the account you are making the payment from.
  2. No category is needed as it will default to the linked category.
  3. Enter Notes (Optional).
  4. Select a Flag (Optional).
  5. Press Save.
Completed transaction form

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.

Matching loan payment transactions

Most likely if it is a loan or another type of debt it will be continually accruing interest until it is paid in full. To keep your accounts in Ploutos Budget matching your real life accounts you can simply add a transaction in for the interest charge. You can make the Payee be whoever holds the loan that is charging you interest. In the example below. U.S. Bank holds our mortgage loan, so they are the one charging us interest. The House account is the name of our loan account in Ploutos Budget.

Interest charge transaction

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