Payment Rules - Mortgage - Best practice?

Since Manager “Manager does not calculate mortgage payment schedules. Nor does it automatically increment liabilities.” Adding a Mortgage - #2 by Tut

What is the best practice using Payment Rules for mortgage payments which comprise of Principal, Interest, Escrow?

The best I got so far is since the Escrow amount stays the same (until it changes) I set that as an exact amount. For Principal and Interest amounts I set those as exact amounts as on the date of the last Escrow change. This allows me to run the rule but since the Principal and Interest amounts change in each payment, then I have to edit each payment separately to reflect each specific payment.

Thoughts?..Any better way?


That’s correct.

I think there could be Loans module eventually where interest expense could be automatically generated.

That would be VERY nice! I missed the Mortgage Module when QB discontinued it.

Perhaps a Loan Interest Calculation Worksheet can be implemented similar to the Investment Revaluation, Depreciation Calculation and Foreign Currency Revaluation worksheets.

In the case of a Hire Purchase Agreement it would be useful if Manager could generate an Interest Amortization Worksheet covering the full term of the contract.

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