Loan Payment - Regular Scheduled Payment

For the Regular Scheduled Payment, the Loan Wizard follows a specific set of rules to automatically allocate the payment to the various payment categories (principal, interest, late fee, etc). 

If the payment amount you are recording IS EQUAL to the payments due, you will see the following message:

The payment amount matches the regular scheduled payment plus any outstanding charges.  Click “Accept These Values” to finish.

When you click “Accept These Values” the system will record this payment allocation in the payment register. 

If the payment amount you are recording IS NOT EQUAL to the payments due, you will see the following message:

The payment amount does not match the regular scheduled payment plus any outstanding charges:

• Click “Accept These Values” to accept the payment allocations suggested by the Loan Wizard
• Click “Enter Manually” to assign a different allocation of the payment 

In this situation, each payment category that does not match the expected payment will be highlighted and will contain information in the notes column that explains the discrepancy. 

If you click “Accept These Values” the system will record this payment as shown in the payment register. If you click “Enter Manually”, you will be taken to a screen that allows you to enter a different allocation of your payment. 

To learn how the Loan Wizard allocates your payment, see the Loan Wizard Payment Allocation Process documentation in the Help Documentation.