how do I keep track of debts I am paying down using excel

[Atma]

say I have a list of debts (cc, loans, friends...) and I want to keep a
running balance as i pay down the debt. Anybody have a template for that or
tell me how to set that up in Excel? Thanks

 

[Fred Smith]

I would do the following:

1. Use row 1 for headings (ie, the name of the debt -- visa, friend1, etc.)
2. Use row 2 for the original (ie today's) amount of the loan.
3. Row 3 is the current amount of the loan. Use the formula:
=b2-sum(b4:b1000)
and copy across.
4. Row 4 and subsequent are all the payments you make as time goes on. Use
Column A for the date, and enter the amount in the appropriate column.

This way, you have a complete record of your payments, and the balance
updates every time you enter a payment.

Regards,
Fred.

 

[Angela in Virginia]

I have a similar setup.

Worksheet 1
A = Name of account (i.e. Visa, AmEx, etc)
B = Original Debt Amount
C = Sum of Paid (=SUMIF(Worksheet2!B:B,A2,Worksheet2!C:C)
D = Current Balance (=B-C)
Worksheet 2
A = Date of payment
B = Paid to account (i.e. Visa, AmEx, etc)
C = Amount of this payment

I find it's the simplest option