I am keeping track of the finances for an eco-village using double entry book-keeping with GNUCash. I like it so far, but we are keeping track of loans we have taken out from many individuals (no banks involved) and feel that there must be a better way than manually calculating interest all the time.
Some of the accounts are fairly straightforward loan accounts where they started by giving us $X and we have been paying it off such that it will be payed off after 5 years. Some people though are essentially giving micro-loans as they make various purchases for the group. The amount that the group owes these people changes over time as purchases are made, and we are not yet at a point where we can pay them back, so interest is accruing.
All accounts, if the group owes money to them should have an interest payment made to them monthly based on their balance at the end of the month.
I have been doing this in GNUCash but it is very tedious to keep track of all of the interest everywhere. Especially if we find an error from the past and I have to go back and manually calculate all of the interest all over again due to its compounding nature. I am wondering if anyone knows of a better solution for this.