loan amortization

whf Member ✭✭
The loan is posting the entire monthly payment including interest to the balance due so the loan payoff balance is incorrect.


  • UKR
    UKR SuperUser ✭✭✭✭✭

    Are you recording a downloaded transaction in your checking account as the payment transaction?
    Is your loan account connected to the mortgage company for transaction downloading?

    IMHO, the loan account should not be connected for downloading. And you should be using the Scheduled Payment Reminder created by the Loan Setup process to record your payment transaction. It contains the proper Split categories for transfer of principal to the loan account register, the Interest category and optional any escrow amounts. Record payment before due date and before downloading from the bank and your loan balance will be correct.

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