Use Loan Payment Terms to specify terms for payments that you make on loan
LOAN PAYMENT TERM BASICS
Entering Loan Payment Terms | Data Fields
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Entering Loan Payment Terms
To enter a Loan Payment Term, follow these steps:
- Choose Payment Terms from the Options menu, then choose Loans
from the submenu.
- Click the New button, or click on an existing item and click the Edit button.
- Enter details for the payment terms.
Enter the following information for each Loan Payment Term:
Name-- Type in a brief name for these payment terms. This is the text that will appear in clairvoyant fields.
Comments-- Type in any comments you'd like to make about this item.
Billing Period-- Choose a billing period for when payments are due.
Payment Due-- Enter the date when loan payments are due. Use the pop-up menu to determine how the due date is figured. If you select "days after
bill date", the due date will be set as the entered number of days after the billing date. If you choose "th of the month", the due date will occur on
the entered date that next follows the billing date.
Mail Time-- Enter the number of days you need to allow for the payment to arrive.
Late Charge-- If you are charged interest or penalties on late payments, enter the percentage or dollar penalty that you pay. If there is a minimum
interest charge, also enter it.
Base Date-- Enter a starter date for computing billing dates. The base date can be in any year.
Payment Dates-- Goldenseal automatically displays a listing of billing dates for this year. For most billing periods, you can't change the
table. For custom billing periods, you can enter any billing dates into the table.
Using Loan Payment Terms
Assign Loan payment terms to each Loan Account.
Goldenseal accounting software uses the payment terms automatically when you use the Pay Bills command
to pay loans.
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