Adjusting CD Amount Due For Early/late Payments
I like it when my buyers pay the right amount on their Contract for Deed, right on time, but they don't always do that. Any suggestions for tools I can use to adjust the principal and interest due when payees on my CDs pay early, late, or not at all? For example, when they get behind, what's the best way to keep it straight, and make sure all payments go first to reducing interest accrued first, then to principal? I tried MS Money, but it doesn't seem to offer what I want. Thanks.
This is the ever more reason to use a loan servicing company but if you do decide to handle the paperwork yourself there are several loan servicing software packages available online. Do a google search. Some are very expensive and others are free. I did a quick search but can't seem to find the free one that works decent for a small biz.
Just build a Microsoft excel spreadsheat to keep track of it all. I use lines for dates and colums for functions. One colum for balance due, one for interest to be accrued, one for late fees, one for payments made. Add balance, fees and interest, subtract payments, viola new balance copy that to the next line as the balance due. Each month is a new line.