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What's important about the Loan Manager Set Up Payment window

Use the Set Up Payment window to set up each regular loan payment, as well as any extra payments you want to make for the loans that you're tracking in the Loan Manager. The Loan Manager can remind you about each upcoming payment for the loans you're tracking.

Important: Any payment that you set up from this window applies only to the specified payment number. The information you change from your standard payment—payment type, principal amount, interest amount, and so on—is reset to the standard payment information the next time you set up a payment for this loan (in other words, for the next payment number). Also, if you have not set up an opening balance for the loan account, you will not be able to set up a payment for it.

Payment Type

Choose whether you want to make a regular payment or an extra payment on your loan.

Account Information

This section displays the account name, the lender name, and the bank account from which you make payments to this loan. If the information is not correct, you can change it by returning to the Loan Manager window and clicking Edit Loan Details.

Payment Information

This section displays the amount of the payment that is applied toward the principal of the loan, the interest paid for this payment, any charges or fees that apply, any amount of the payment that is applied to the escrow account, and the payment number.

Payment Method

  • Choose Write a Check if you write checks for your loan as the payments are due. When you click OK, the Write Checks window opens. It will contain the payment information you entered in the Set Up Payment window. You can make any changes, then click Save & Close.

  • Choose Enter a Bill if you track your expenses by first entering bills for them. When you click OK, the Enter Bills window opens. It will contain the payment information you entered in the Set Up Payment window. You can make any changes, then click Save & Close.

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