Account Name – select the name of the loan from the drop-down menu. Add a new one if required.
Lender – select the lender name.
Origination Date - enter the effective staring date of your loan.
Original Amount – enter the loan amount.
Term – enter the loan term in weeks, months, or years.
3. Click Next:
Enter all required information:
• Due date of next payment
• Payment amount, make sure the amount is principal plus interest
• Payment period from the drop down menu
If your loan has an escrow payment, select Yes button to activate the Escrow payment Amount and Escrow payment Account.
4. Click Next:
Entered interest information for the loan:
• Interest rate in percentage
• Compounding period
• Payment account
• Interest Expense account
• Fees/Charges Expense account
If you have not set up any of the account, exit Loan manager first, create the new account from chart of accounts, and open the Loan manager again.
5. Click OK:
Loan Manager calculates your loan and its payment schedules, and adds it to the Loan List pane. To view the payment schedules, which should be in tandem with your bank payment schedules, click the payment Schedule tab.
If you need to adjust the loan amount, interest rate, or payment period, highlight the loan in the Loan List and click the “Edit loan Details” tab. You will see and able to change the details as in Step 2 to Step 5.
We will discuss how to Set Up Payment for your loan and What If Scenarios in the next blog.