Tracking Credit card emi with available limit and bills

[ashishagr...@gmail.com]

Hi,

I have purchased a few thing using my credit card on emi. Below are the details which I would like to track and I am not able to figure out how

Before start of emi:

max Credit card limit was 50k

Available limit was 49k

Spent on purchases 1k

After emi:

I bought an item worth 10k with monthly emi of 2k for 6 months

max Credit limit is still 50k

Available limit is 37k

Spent on purchases 1k

I have been tracking it by adding entries as and when they are debited but the problem with this is that I am unable to track my current bill amount and the available limt.

I can share my beancount file if needed.

Thanks.

[Richard W]

If you're talking about installment plan or something like that: You bought somethings with credit, pay parts of money each period in a fixed time(like 6 months or a year).

I'm facing the same issue, I'm trying to deal it  like this:

{DATE} open Liabilities:CreditCards:XXX:Bill

{DATE} open Liabilities:CreditCards:XXX:InstallmentPlan:MacBookPro:Principal   ;;Pay within six months

{DATE} open Liabilities:CreditCards:XXX:InstallmentPlan:MacBookPro:Interests

{DATE} * "buy a new macbook pro with installment plan"

    Expenses:CutMyHandIfBuyMore 20000 CNY

    Expenses:BankEatMyInterests 2000 CNY

    Liabilities:CreditCards:XXX:InstallmentPlan:MacBookPro:Principal -20000 CNY

    Liabilities:CreditCards:XXX:InstallmentPlan:MacBookPro:Interests -2000 CNY

   

When my bill come, I append a new entry:

{BillDATE} * "Stage-1 buy a new macbook pro with installment plan"

    Liabilities:CreditCards:XXX:Bill  -4000 CNY

    Liabilities:CreditCards:XXX:InstallmentPlan:MacBookPro:Principal +3700 CNY

    Liabilities:CreditCards:XXX:InstallmentPlan:MacBookPro:Interests +300 CNY

Not sure if it'll work, but I think there're may better solution.

[Martin Blais]

That's incorrect; interest is an expense, not a liability.

You can do something like this:

  YYYY-MM-DD * Buy a new computer"

    Expenses:Electronics   10000 USD

    Liabilities:EMI:Computer -10000 USD

then on each payment

  YYYY-MM-DD * "EMI payment"

    Liabilities:Creditcard    -2100 USD

    Liabilities:EMI:Computer   2000 USD

    Expenses:Interest    100  USD

With suitable naming you can also create an interest account dedicated to all your EMIs, or to each loan, as you choose, or not (and sums over filtered postings later if you want the same info).

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[Richard W]

interest is an expense, not a liability.

This is correct. I made a mistake in my reply.

   YYYY-MM-DD * Buy a new computer"

    Expenses:Electronics   10000 USD

    Liabilities:EMI:Computer -10000 USD

In my condition, when EMI or creditcard's installment plan was setup, interests would be calculated and took the credit limit. It would be like:

   YYYY-MM-DD * Buy a new computer"

    Expenses:Electronics   10000 USD

    Expenses:Interests 500 USD

    Liabilities:EMI:Computer -10000 USD

    

I add `Liabilities:EMI:Interests -500 USD` because it's already my liability(even it was not listed in creditcard bill of current month), or should I just add -500 USD to `Liabilities:EMI:Computer -10500 USD`? so I can track the available limit.

[Martin Blais]

Sure but the problem with that is you'd be recording all the interest expense upfront, probably not what you want.

I'd have to see your records / receipts to fully understand your situation.

The general rule is to try to reproduce all the events as faithfully and straightforward as possible.

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[Richard W]

I checked my bank bills again, expenses of interest was only generated on bill-day of each month, so you’re right about I was recording all interest expenses upfront. 

It is kind of not faithful nor straightforward, but it did help me to track the real liability at current time, like I only need to pay 1000USD to creditcard bank, but what I actually owe the bank 10000USD, interests included. 

Now it seems like mortgage plan to me, I will check the document about this and send you my records to you later the day. 

Martin Blais <bl...@furius.ca>于2018年11月23日 周五21:18写道：

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发自移动版 Gmail

[ashishagr...@gmail.com]

Thanks Richard and Martin. This helps me track both my current bill and available limit. Tracking available limit helps me balance off any anomaly that I may have in my ledger.

[Martin Blais]

On Fri, Nov 23, 2018 at 8:36 AM Richard W <ellr...@gmail.com> wrote:

I checked my bank bills again, expenses of interest was only generated on bill-day of each month, so you’re right about I was recording all interest expenses upfront. 

It is kind of not faithful nor straightforward, but it did help me to track the real liability at current time, like I only need to pay 1000USD to creditcard bank, but what I actually owe the bank 10000USD, interests included. 

Now it seems like mortgage plan to me, I will check the document about this and send you my records to you later the day. 

No need, sounds like you figured it out already.

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