Topics started by Tfahey14
Recurring entry for monthly loan payments where principal and interest distributions determined from amortization schedule
Situation - a business has a long term loan, a mortgage loan, where the monthly payment is fixed and the split between principal and interest varies each month based on the mortgage amortization schedule. The monthly loan payments to the lender are set up to be made via PAD direct from the company bank account.I can create the first monthly mortgage payment as a journal transaction and then create a recurring transaction from the journal transaction. Generate recurring transactions will create the monthly payment journal transactions, but only the 1st payment will be correct. The finance user will need to edit the 2nd and future journal transactions and correct the principal and interest distribution amounts manually, according to the amounts from the amortization schedule.Is there a better way to configure this?I suppose the Balanced 1st journal transaction could be exported to Excel and the future monthly payment transactions be added into the Excel sheet with the correct split betw
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