Loan Manager Amortization Schedule Incorrect
When I enter a loan in the Loan Manager, the amortization schedule created does not match the one given to me by the lender. Is there a way to edit the amortization schedule?
When I enter a loan in the Loan Manager, the amortization schedule created does not match the one given to me by the lender. Is there a way to edit the amortization schedule?
I don't know of any way to directly edit the amoritization schedule, however, assuming all things are equal the two should match. That leaves the possibility that you do not have the loan set up exactly the same as the bank. Banks often use many decimal places in the APR. Also, they may be using a 360 or a 365-day year. This can be changed using the "exact Days" option.
I would carefully go over the documentation to make sure your set up matches, then play with the interest rate decimals if you are only off by a few pennies.
Remember that ultimately, your bank documentation will rule and any discrepancy can be taken care of with a journal entry.