Debt Account Types

Different debt accounts use different fields and different payment workflows. Choosing the right type at setup matters because Common Cents locks in debt behavior after the account is created.

Turn debt features on first #

In Settings > Features, turn on the debt feature that matches what you need:

• Enable Revolving Debt Accounts (Credit Cards / LOC)
• Enable Installment Debt Accounts (Loans)

If the feature is off, the matching debt behavior will not be available in the account form.

Start on the Accounts page #

Debt accounts are created from the Accounts page.

There are three common ways to start creating a new account:

• Accounts Page via the Add Account button in Accounts Overview
• Command Palette via the Add Account command
• Add Button via the Add Account option

Useful controls on that page include:

• Accounts Overview: shows all active accounts grouped by type, including Debt Accounts
• Add Account: opens the account form when you need a new account
• Closed Accounts: shows archived accounts that can still be viewed or reopened

When you open an account, the Account Overview card shows summary numbers plus Edit Account. If the account is closed, that button changes to Reopen Account.

Choose Account Type and Debt Behavior #

In the account form, start with:

• Account Name
• Account Type set to Debt
• Debt Behavior

The Debt Behavior choices are:

• Revolving (Credit Card / LOC)
• Installment (Loan)
• Installment (Mortgage)

After a debt account is created, the debt behavior cannot be changed from one type to another.

Revolving debt accounts #

Use Revolving (Credit Card / LOC) for credit cards and other balances that behave like revolving debt.

Important setup details:

• Common Cents shows a banner telling you that a system payment category will be created automatically in the Debt Payments group.
• Default Payee (Optional) can prefill the payee when you record payments.
• Revolving debt accounts are always on budget.
• Debt starting balances are always stored as negative balances.

When you open a revolving debt account later, the account overview can show a Payment Category Available panel. That number is the budget reserve for the payment category, not the debt account balance itself.

Installment loan accounts #

Use Installment (Loan) for loans where you want a standard payment flow and, if needed, a separate interest workflow.

Extra fields appear for this type:

• Default Payee (Optional)
• Default Payment Category (Optional)
• Minimum Payment (Optional)
• Interest Mode: Manual or Auto
• APR (%)

Use Interest Mode to decide whether Common Cents should help you with recurring interest handling. If you choose Auto, APR becomes required.

Mortgage accounts #

Use Installment (Mortgage) for mortgage-style debt where part of the payment reduces principal and the rest may cover interest and escrow.

This type keeps the setup simpler than a standard loan:

• it can use Default Payee (Optional)
• it can use Default Payment Category (Optional)
• it shows Interest Rate (%) instead of the installment loan APR label
• it does not use the installment loan Interest Mode or Minimum Payment fields

Mortgage payments later use the Pay Loan workflow with a separate Principal field.

Optional linked fixed asset relationship #

Debt accounts can also use the Linked Fixed Asset section. See Fixed Assets for the asset side of that workflow.

This lets you:

• leave the debt unlinked with Relationship Mode = None
• choose Link existing fixed asset
• choose Create new fixed asset in the same save

This is useful for debts tied to something like a home or vehicle. One fixed asset can be linked to multiple debt accounts.

Save, close, reopen, and purge #

At the bottom of the form, the main buttons are:

• Add Account
• Add and Continue
• Add and Finish
• Save Account when editing
• Cancel

If the account is eligible to close, the edit form can also show Close Account.

After an account is closed:

• the account detail view shows Reopen Account
• a closed account that qualifies for permanent removal can also show Purge Account

Keep the setup honest #

If you are unsure which type fits, choose the one that matches the real-world debt most closely. That makes the later payment buttons, interest workflow, and budget behavior line up with what you expect.

See also: Revolving Debt Transactions and Debt Payoff Planning