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The Custom Loan Payment Schedule produces a loan payment schedule for a loan with any of the following unique features:
- Delayed first payment
- Interest-only payments
- Compounding on payment date or daily
- Fiscal year ends for subtotals
- Balloon payment
To view the schedule, click the Payment Schedule tab, or choose File > Print Preview.
Fields
In the Loan group box:
Payments per year or frequency
Date of first payment (override)
In the Annual Interest Rate group box:
Example
A taxpayer has taken money from one business and deposited it into another. Payments were not started immediately, but now he wants to set up monthly payments. The lending business has a fiscal year and the borrowing company has a calendar year. To represent this as a proper loan, determine the amount of each payment, and then provide totals that match the accounting year of each business.
Field | Input |
---|---|
Date of loan origination | 10/07/2013 |
Loan amount | $1,000,000 |
Payments per year or frequency | Monthly |
Date of first payment | 02/02/2014 |
Length of loan in years | 5.00 |
Payments | Interest and Principal |
Year end for subtotals | June |
Annual interest rate | 8.00% |
Compounded | Payment Period |
Length of year (for compounding) | 365 |
The entries above will produce a loan payment schedule for the fiscal year business. For the calendar year business, change the Year end for subtotals to December.
Special information
Computing interest for an accounting period end date
To compute interest to a date that is not a payment date, simply enter or change the balloon payment date to the desired date, view the payment schedule to see the interest, and then reset the balloon payment to the original value.
For example, a taxpayer has a loan that has payment dates on the 10th of each month. The user needs to compute interest to the end of the month so that he can show the accrued interest on the financial statements.
Make the following entries:
- In the Date of balloon payment field, enter the date of the last day of the month.
- Click the Payment Schedule tab and view the interest to the end of the month.
- Reset the balloon payment to the original value.
Related topics
Exporting a custom loan payment schedule to another application
Servicing loans - Recording payments, late changes, interest rate changes, and more
Copying and pasting loan payment schedules into Excel or other applications
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