Amortization Table Summary

Detailed Field Information Original Principal Interest Rate Period Payment Amount Total Payments Rule Of 78 Amortization Schedule Normal Amortization Schedule Calc Date First Payment Date Term Rate Basis Deferred Interest Delinquent Next Payment Date To Make Current

Related Information Atable Entries Exit See Also

Examples And Tutorials Enter A New Debtor Setup Debtors Setup Debtor Status Codes Use Pick Lists Modify Or Create A Pick List Group Debtors Ungroup Debtors Setup Account Matching Batch Email Debtor Letters Batch Close Debtors By Status Code Renumber Debtor File Numbers Create An Age Type Commission Rate Plan Use The Attachment Form Attach Files To Records Store Scanned Documents In Accounts Use Control Files Attach A Control File Search For Records Reassign Debtors To A Client Using Macros Do Credit Scoring Manage Promised Payments Schedule Debtor Letters Change Labels On The Attachment Form

The Amortization Table Summary displays all the details of the debtor's payment schedule for amortized loans. Information is read from the debtor's Principal Detail and Interest Detail. In the A Table Entries subform, all calculations are displayed for the complete payment schedule for the account's balance.

Amortization Table Summary

The Amortization Table Summary may be accessed in two ways.

1. When viewing the Debtor form, select the Interest field to display the Interest Detail form. Select the button labelled Amortization Schedule. This is only displayed when you have selected a Compound Interest - Preamortized loan setting.

2. When viewing the Debtor form, select the Owing field to display the Debtor Financial Summary. Then select the button labelled Atable Schedule. This is only displayed when you have selected a Compound Interest - Preamortized loan setting.

Original Principal

This is the amount of the original debt, calculated from all transactions posted to the 'Principal' account.

Interest Rate

This is the annual percent rate at which the account is charged interest. This rate is divided into appropriate periods for the interest calculations.

Period

This is the frequency for compounding interest and converting it to principal. For preamortized loans, this field also determines the frequency of payments due on this account.

Payment Amount

This is the amount of the payment for a term loan. It is calculated from the information entered in the Interest Detail form.

Total Payments

This is the total principal and interest that will have been paid upon completion of all payments in an orderly manner.

Rule Of 78 Amortization Schedule

This section displays all financial details for a Rule of 78 amortization schedule. This is displayed if Preamortized Loan - Rule of 78 is switched ON in the Interest Detail form for the account.

Normal Amortization Schedule

This section displays all financial details for a Normal amortization schedule. This is displayed if Preamortized Loan - Normal is switched ON in the Interest Detail form for the account.

Calc Date

This is the date from which interest will be calculated. It is normally the Start Date for the loan.

First Payment Date

This is the date that the first payment is due.

From the date one period before the First Payment Date, the loan is calculated as per the term and interest rate defined.

The amortization schedule is calculated using the original principal plus the accrued interest compounded daily on the original loan amount from the date one period before the specified First Payment Date.

Normally, the system expects the First Payment Date to be one period after the Calculate Interest From Date.

Term

This is the term of the Preamortized loan. For example, a 2-year loan with a monthly payments (a monthly Period) has a Term of 24.

This is used to calculate the payment amount, the total plan payments and the early payoff amount.

Rate Basis

This is the number of days used as the basis for calculating interest. For Rule of 78 this is the 365 Day year. For Preamortized - Normal, this may be the 365 or 360 Day year. This setting is taken from the Interest Detail.

Deferred Interest

An amount displays in this field when the First Payment Date is more than one period after the Calculate Interest From Date. This amount is added into the Total Payments amount and figures into the Payment Amount.

Delinquent

This is the date that the payment went "delinquent." It is usually the date that a full period has passed without a payment being posted to the account. When this happens, the interest for the skipped period is added to the Balance.

Next Payment Date

This is the date of the next payment according to the schedule of payments. It is the next "current" payment date and does not reflect any unpaid interval.

To Make Current

This calculation displays the amount necessary to cover all missed payments and accrued interest to bring the account up to schedule.

Atable Entries

This subform displays all details of payments and interest calculations for the payment schedule.

To print this to the Browser for easy viewing, select the Print icon from the top tool bar from the top menu bar and then select Quick Print. Select Printer Setup and make sure there is a dot in the radio button labelled Print Via Browser. Close the Printer Setup form. Select Printer and then Preview and then select the PRINT button. This will display the table in your Internet browser.

Exit

Select this button to close the Amortization Table Summary and return to the previous form.