Moneylender Professional - Loan Servicing Software

The Payment Record

Every payment record is associated with a single loan. Payment records hold the details of a specific payment. Some of the information you enter yourself, and some information is computed by Moneylender and used for creating reports and interest computations.

To record a new payment first select the loan from the list of loans in the main window. Click New Payment from the Loan menu, press the New Payment (New Payment Toolbar Button) button on the toolbar, or right-click the loan and select New Payment from the pop-up menu to open the Payment Record dialog with a new payment record.

Payment Record dialog There are a few "special amounts" that cause Moneylender to handle a payment differently:

Use a negative amount to add principal to a loan on the date specified in the Date Applied field. When computing balances, Moneylender will recognize the negative number as a principal addition and cause that amount to become interest bearing along with the other unrepaid principal on the loan.

Use zero to defer a payment. Moneylender will make the appropriate change to the payment due date, and subtract the regular payment at the date the deferral payment is applied from the amount due.

Use a positive number to denote a payment received. Check the Principal Only box to force the payment to credit strictly to principal regardless of fees and interest unpaid on the account. If Principal Only is not checked, the payment will apply towards unpaid fees first, then any amount above the regular payment amount will be applied to any late fees due (managed separately from third party fees / other fees), then any unpaid interest assessed on the account is deducted. The remaining amount is credited toward the principal.

Manage Payments dialog To edit or delete the payments on a loan, select the loan in the list of loans and click Payments > Manage Payments from the Loan menu.

From this dialog you can create, edit and delete payments against your loan. To edit or delete a payment, you must first select a payment from the list.

Payments marked with a red icon have incurred a late fee because the date received is after the grace period.

©2006 TrailsWeb LLC - All Rights Reserved