Servicing loans - Recording payments, late changes, interest rate changes, and more

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Product support for ToolBox CS ended on October 31, 2022.

Help & How-To Center content for ToolBox CS may be outdated and is used at your own risk.

This export feature takes an existing loan schedule and allows the user to record payments as they are made (or missed).

  1. In the Custom Loan Payment Schedule calculator, establish the loan schedule by entering the details of the loan.
  2. Choose File > Export > To Record of Loan Payments. The application creates a second calculator that allows the user to record actual payments as they occur.

If a loan payment is made on time, the only entry needed is to update the Date to separate actual from projected field to reflect the current date.

There are two requirements for export of a loan: the value in the Payments per year or frequency field must be selected from the drop down list; and it cannot be an interest-only loan.

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