Loan Payment - Wizard

Bryt uses a Loan Payment Wizard to help you record payments to your loans.

The Loan Payment Wizard collects the information necessary to record your payments by asking you a series of questions about your loan.   

The Loan Payment Wizard begins by asking you for the type of payment.  In the basic version of Bryt, your options are:

• Regular Scheduled Payment represents a "standard" payment due on a specific date.  When a regular scheduled payment is made, the associated payment on the schedule is “settled” and no more payments can be assigned to it.
• Unscheduled Payment represents an additional payment that is not on the payment schedule.  These payments are typically used for principal pay down or to pay outstanding/accrued amounts outside of the regular scheduled payment.
• Payoff Loan represents the final pay-in of a loan. When made, the loan will be marked as paid-off and no more payments will be allowed.

The text below the light blue heading contains information about the “Regular Payment” including:

• Loan name is the name you assigned to the loan
• Principal Balance is the amount of principal due as of the last payment
• Next Regular Payment Due Date represents the date that the next payment is due.
• Regular Scheduled Payment is the amount that is expected to be paid on this payment’s due date.  The Regular Scheduled Payment includes both principal and interest due with this payment.
• Late Fee Due is the amount of late fee due with the payment (if any).
• Total Outstanding is the amount of outstanding late fees and outstanding interest.

In some cases, the Loan Payment Wizard will disable some of the payment types. This is done to prevent the user from incorrectly recording a payment.   The gray box on the loan wizard identifies any restrictions for the payment:

After you select the type of payment, the wizard will ask you for the following information:

• Payment Date is the date that you recorded the payment as being received.  In most cases, this would be the day that you deposited the funds into your bank account.
• Amount Paid is the actual amount paid to you.
• Late Fee collection option gives you the option to either collect or waive the late fee.  *This option will only be presented if the payment date is later than the late fee date.
• Check Number is a text field that allows you to record a reference to how you received the funds (it does not have to be a specific check number). 

After you enter this data, the payment wizard presents you with different options for:

• Regular Scheduled Payment
• Unscheduled Payment
• Payoff Loan

To learn about each of these options, click on the link to review the documentation.