Many small businesses record loan payment transactions improperly, failing to separate the loan payment into the proper interest and principal portions, according to the loan amortization schedule. Loan Manager provides a solution that enables you to set up each loan with its associated parameters, such as:
- Term
- Rate
- Fees
- Compounding
- Balloon payments
Loan Manager will generate the correct loan payment check each payment period, once again saving time, reducing mistakes, and increasing accuracy.
To access the tool, go to the Banking menu, Loan Manager.
