Round Payment Schedule

Introduction

LoanPro offers options to accommodate many loan types. We also try to make it as easy as possible to move loans from other systems to LoanPro. To accommodate this, it is possible to add or subtract an amount from the end of a payment schedule in LMS to help match a payment schedule generated by another system.

When you enter a round amount, the amount will be added or removed from the payment schedule, starting with the final payment. The interest portion will be removed first, then discount, then principal. It is preferable that the principal portion of the repayment schedule remain intact.

Keep in mind, schedule round cannot be used on a lease.

Using Round Payment Schedule

There are tools called smooth and force that utilize the payment schedule round. You can also enter a round amount yourself. This can be done inside of Account Setup > Setup Terms > Advanced Configuration inside of any customer account.

To add an amount to the payment schedule, enter a positive number into the Schedule Round field. Otherwise, you will enter a negative amount. Click 'Save and Calculate' to incorporate your round into the calculated payment schedule.


How did we do?


Powered by HelpDocs (opens in a new tab)