Loan Repayments

With Spotlight Forecasting, you can record loan repayments and interest for each loan.  When you need to record loan repayments, you can do this using a Payment Plan rule.  You can also enter interest expense on a loan directly in the data grid of the Profit & Loss tab.

For information about how to record the initial loan amount, please refer to our separate article.

 

To record the loan repayments

  1. Within the forecast, open the Balance Sheet tab.
  2. Open the Non-Current Liabilities section, then click Add Rule.
  3. Enter a name for the rule, then from the Rule Type drop-down list, choose Payment Plan.
  4. From the Select Account to Apply Rule To drop-down list, choose your Loan account.
  5. Enter the monthly principal component of the loan repayments into the Payments column.
  6. Click Next, then click Save Rule.

 

To record interest on the loan

  1. Open the Profit and Loss tab, then open the Expenses section.
  2. Locate your interest expense account, or alternatively use the Add Account button to create a new one.
  3. Enter the interest component of the loan repayment directly into the yellow cells of the data grid.

 

 

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