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Adding payment to cover future due dates...

Posted: Wed Jul 08, 2020 1:46 pm
by wtech_josh
A customer who's payment is due on the 15th and is current wanted to make this month's payment and next month's payment. They said they did not want it going to principal only, they specified it for two payments. When we entered the total of the two payments in the ML payment screen as usual the main screen afterwards would say next payment due on August 15th. So I tried entering two different payments to see if it would show different on the main screen and again it said next payment due August 15th. I thought that ML would figure out automatically that the overage would simply go to the next month being that the account is current. What is the proper way to enter 2 months of payments in this situation?

Re: Adding payment to cover future due dates...

Posted: Wed Jul 08, 2020 1:49 pm
by wtech_josh
There’s a button on the Payments tab with three money stacks. This button is to split a payment against future due dates. Click that, enter the payment amount, and it’ll show you how it plans to divide and record the funds. It’ll create multiple payment records for you. The logic it follows is to pay the current amount due if the loan is behind at all, then apply funds at each due date in the amount due until the funds from the payment are depleted.
mlp_payment_split.png (314.3 KiB) Viewed 1212 times