Loan Activity Elements

Normally, entries within the Loan Activity block are put there automatically by TrakLoan. When you enter a new account, though, if the loan amount has been disbursed, or is to be disbursed on a particular day, you can enter the Date of Last Transaction, Date of Last Payment, Total Unpaid Interest, and Remaining Balance directly into their boxes in this frame and avoid entering a disbursement in the Journal for posting. You’ll also want to enter Interest Paid This Year and Total Unpaid Interest for each new record when you switch to TrakLoan from an earlier accounting system.

After you’ve entered a new account and posted the journal, you can change Date of Last Payment, Interest Paid This Year, Total Unpaid Interest and Remain- ing Balance only by editing the account history.

Date of Last Transaction

This element is used by TrakLoan to calculate the number of days between transac- tions. It is updated automatically at posting time. Unless the loan is brand new it will always show the posting date no matter what the Date of Last Payment was.

Date of Last Payment

The date of the last actual payment. This element is used by TrakLoan to deter- mine whether or not a payment is overdue.

Once a value has been posted to an account through the posting process, Date of Last Payment can only be changed through the payment history screen.

Interest Paid This Year

The actual amount of interest collected on the loan from the beginning of the fiscal year.

Once a value has been posted to an account through the posting process, Interest Paid This Year can only be changed through the history screen.

Total Unpaid Interest

Interest accrued but not yet paid. Unless the Date of Last Payment is the same as Date of Last Transaction, the account will show a balance in this field. The amount represents interest accrued between the Date of Last Payment and the Date of Last Transaction.

Once a value has been posted to an account through the posting process, Total Un- paid Interest can only be changed through the payment history screen (Section 3.8, Page 21).

Remaining Balance

Balance remaining as of the date of last payment. Unpaid interest is not added to this amount. After posting the final payment to close an account you should always check this value and make sure it is set to zero.

Once a value has been posted to an account through the posting process, Remain- ing Balance can only be changed through the payment history screen (Section 3.8, Page 21).