Search found 69 matches

by wtech_josh
Tue Oct 12, 2021 12:20 pm
Forum: Configuring Loans
Topic: Calculations for a fully amortized mortgage
Replies: 1
Views: 67

Re: Calculations for a fully amortized mortgage

Hi Mark! After setting up the loan like a normal amortized loan, go to the Settings tab > Loan Settings. Change the Loan Engine at the top to "Explicit Amortization for Chronic Underpayment" and click Save. When the loan is on time, it behaves the same as the Amortized loan engine. If the ...
by wtech_josh
Fri Oct 08, 2021 5:39 pm
Forum: Management and Financials
Topic: An unpaid late fee is causing unwanted late fees for subsequent due dates...
Replies: 4
Views: 12555

Re: An unpaid late fee is causing unwanted late fees for subsequent due dates...

That's a good strategy. I know of another Moneylender user that has biweekly payments with a 15-day grace period. Overlapping grace periods should only have the effect of waiving more late fees than not, which is kinda the desired result in your case. It should work the way you're expecting with a 4...
by wtech_josh
Fri Oct 08, 2021 12:01 pm
Forum: Management and Financials
Topic: An unpaid late fee is causing unwanted late fees for subsequent due dates...
Replies: 4
Views: 12555

Re: An unpaid late fee is causing unwanted late fees for subsequent due dates...

Hey Mark, Since writing this post, I added another setting the the Late Fee record. It's the drop down with the heading "Skip late fees if the borrower pays at least the current regular payment, even if the account is multiple payments behind?" You can set the portfolio-wide default for th...
by wtech_josh
Wed Oct 06, 2021 5:55 pm
Forum: Management and Financials
Topic: Exporting payments to a Quickbooks compatible format
Replies: 9
Views: 206

Re: Exporting payments to a Quickbooks compatible format

That sounds like the perfect blend. QuickBooks knows your bank account to the penny, and ensures every real dollar and cent in and out is accounted for; and Moneylender keeps your loan balances accurate and tells you how much profit you're making (which you pop into QuickBooks from time to time).
by wtech_josh
Wed Oct 06, 2021 1:06 pm
Forum: Management and Financials
Topic: Exporting payments to a Quickbooks compatible format
Replies: 9
Views: 206

Re: Exporting payments to a Quickbooks compatible format

Hey Mark, That sounds like quite the rigmarole. #1 already exists. You can add custom fields to Loans, Payments, Borrowers, and Lenders from the Portfolio > Portfolio Settings > Custom tab. https://www.moneylenderprofessional.com/help3/topics/CustomFields.aspx Once you create custom fields, you'll s...
by wtech_josh
Tue Oct 05, 2021 6:09 pm
Forum: Management and Financials
Topic: Exporting payments to a Quickbooks compatible format
Replies: 9
Views: 206

Re: Exporting payments to a Quickbooks compatible format

Perhaps everyone else is using QuickBooks online. I looked at the IIF example file for a payment. Doesn't seem like it's the end of the world to build a quick export of payments in the IIF format. The real time-consuming part of that is adding the UI where you specify the date range for the payments...
by wtech_josh
Tue Oct 05, 2021 11:56 am
Forum: Management and Financials
Topic: Exporting payments to a Quickbooks compatible format
Replies: 9
Views: 206

Re: Exporting payments to a Quickbooks compatible format

Nobody's told me specifics of what they're clicking in QuickBooks to import their data, but people definitely made it sound like it was standard operating procedure. I looked through the lists you can import from CSV, and among the options were "checks" and "payments". If you imp...
by wtech_josh
Tue Oct 05, 2021 12:28 am
Forum: Management and Financials
Topic: Exporting payments to a Quickbooks compatible format
Replies: 9
Views: 206

Re: Exporting payments to a Quickbooks compatible format

Hi Mark, From what I understand, other people are exporting the Payment Reconciliation report, and then importing into QuickBooks to prevent duplicate entry. If you can't import a CSV file directly, maybe the "Excel and CSV Import kit" from Intuit will make that possible? https://quickbook...
by wtech_josh
Fri Oct 01, 2021 12:27 pm
Forum: Management and Financials
Topic: Apply one borrower payment to multiple loans
Replies: 3
Views: 124

Re: Apply one borrower payment to multiple loans

Sounds like a good approach for your situation. :)
by wtech_josh
Wed Sep 29, 2021 12:47 pm
Forum: Management and Financials
Topic: Apply one borrower payment to multiple loans
Replies: 3
Views: 124

Re: Apply one borrower payment to multiple loans

The short answer is you'd record two payment records - one on each loan - and put the same info in the description section. So the check number would be the same on both of those payments. You might even add a note in the description indicating that you recorded a split. For example: Check #0454 for...