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Established Member

loan payments

Is it possible to memorize a loan payment transaction that was set up in Loan manager?

1 Comment
Established Community Backer ***

Re: loan payments

I have a memorized Check set up with a Split entry for the Principal and Interest Accounts related to the Loan. 


But since the Principal and Interest change every month, the full loan payment is entered into the Principal line and the Interest just has 0.00.  So every month I have to go in and modify those split entries.


The advantage is that the entry automatically goes in 5 day early, but dated for when the automatic payment is made (2 days early of the actual due date).  As far as the Bank Feed is concerned, the amounts match and I see that my payment was made on time.  If I don't see the match, I have time to figure out what happened.