How to correct a missed scheduled loan receipt
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NCuser
Member ✭✭
I gave a family member a loan and it is set up as scheduled loan
payment. Somehow the payment for Sept was never entered in the register
but the payments after that were entered. I tried manually entering the
loan payment for Sept in the register and I was going to recalculate the
principal and interest but when I entered the payment and when I "View
Payment Schedule" under the loan, it lists the principal but the payment
number and interest are blank (and I doubled checked that I entered the
interest under the correct category).
0
Best Answer
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If you haven't already, I suggest you use the loan payment reminder to enter the payment resetting the date of the payment (for example, open the loan, press Ctrl + Shift + N, and select Enter Loan Payment).
The approach I would take is to first save a backup (press Ctrl + B). Then, I would delete the loan payments entered since the missing payment. Next, I would enter each missing loan payment chronologically using the reminder. Finally, I would reset the Next Due on: date of the loan payment reminder.
And, don't forget to reconcile.
6
Answers
-
If you haven't already, I suggest you use the loan payment reminder to enter the payment resetting the date of the payment (for example, open the loan, press Ctrl + Shift + N, and select Enter Loan Payment).
The approach I would take is to first save a backup (press Ctrl + B). Then, I would delete the loan payments entered since the missing payment. Next, I would enter each missing loan payment chronologically using the reminder. Finally, I would reset the Next Due on: date of the loan payment reminder.
And, don't forget to reconcile.
6 -
Thanks! It worked like a charm. When I deleted all the payments back to the original missed one and used Loan Payment, the correct date showed up and I just re-entered them. The Next Due On date was correct so I didn't have to reset it.Thanks again!0
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