Loans

Loans are accounts where monies are lent to or by you, such as CreditCards and Mortgages, and are viewed as monetary assets. Each loan has a parent institution or individual, so for example a Barclays loan would have Barclays as a parent.

The value of a Loan at any particular time is the sum of credits to the account minus the sum of debits from the account, up to that time. Money in the loan is held in a specified currency. If this is different from the reporting currency, then the value of the loan is reported in both the local and reporting currency.

A loan may generate (or charge) interest, which can be credited to/debited from itself or transferred to/from another account.

For reporting purposes, the interest is deemed to be income from (or expense to) the parent of the loan.

Each loan account belongs to a loan category that controls reporting of the account and can also restrict which transactions can be performed against an account.

The various categories are as follows