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Lending loan and transactions prior to day of setup date

SimpleFogey

Greetings all:

Currently setting up the tracking for a lending loan initiated in January 24. To date, I've been unable to figure out how to enter transactions to match the last three months' history.

37 month loan, initiated 1/24, first payment due 2/1. 1st two payments missed, late fees x2 applied.

IF I set it up as a 37 month loan today, the first payment due is wrong. Set it up as a 35 month loan, I can't get number of payments correct.

Late fees are confounding me as well. Added to loan, increasing balance, and causing an expected balloon payment at the end,

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SimpleFogey

(cont)

I have them in the loan as Fees & Charges: Late Fee, but that might be wrong since the fees are income to me, not an expense. When I receive the payment into checking, do I split the transfer to the loan account in two, one line for the fee amount, and another for the principal, with differing descriptions?

Thanks,

A very SimpleFogey.

splasher

Try setting your computer's date (temporarily) to 1/1/24 to setup the loan.