The Payment Dialog allows you to enter or edit the details of a payment on the loan.
Enter the amount of the payment, whatever it happens to be. Moneylender 3 has a sophisticated calculation engine that can properly apply under- and over-payments in most situations. If only a partial payment is made, Moneylender will credit the loan, but will not advance the due date until the full amount due is received. If an overpayment is made, Moneylender will detect if the payment should be treated as payment for multiple due dates, extra payment toward the principal balance, or payment towards amounts in arrears.
Enter the date the payment is received.
In nearly all cases, use the Regular Payment setting, with a few exceptions...
Interest Only - when selected, these funds will not affect the principal on a loan. It will be treated as a regular payment but any extra funds will be prevented from paying principal. If the payment greater than the interest currently earned on the loan, the extra funds will be applied to future interest when it is added to the account. This payment will affect the amount due on the loan in the same way a regular payment does.
Principal Only - This payment will be applied exclusively to the principal balance on the loan. It will not affect the amount due on the loan.
Escrow Only - This payment will be deposited into the escrow account on the loan. It does not affect any other calculations on the loan, nor will it affect the amount due, including the escrow amount due. Use this setting when an escrow deposit is paid by the borrower to initially fund the escrow account, or when an escrow shortfall is addressed with a deposit payment.
Payoff Payment - The final payment on a loan should be marked as a payoff payment. This will allow some parts of Moneylender's calculation engine to properly finalize and balance the account.
Prepaid Interest and Fees - Use this option to enter the amount paid by the borrower when the loan was originated to cover the initial per-diem interest and/or any closing fees on the loan.
Enter a check number, transaction number, or other description in the description box to help reconcile the payment history if the borrower has questions about their account.
If you have recorded a payment and the payment is returned by the bank for non-sufficent funds, check this box. Moneylender will ask if you wish to add a fee to the loan as well. This will retain the historical record of the payment, but the payment will be omitted from balance calculations and some reports.
If you have specified any custom fields for the payment record, they'll appear on this form and you can set their values accordingly.