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
- Within the forecast, open the Balance Sheet tab.
- Open the Non-Current Liabilities section, then click Add Rule.
- Enter a name for the rule, then from the Rule Type drop-down list, choose Payment Plan.
- From the Select Account to Apply Rule To drop-down list, choose your Loan account.
- Enter the monthly principal component of the loan repayments into the Payments column.
- Click Next, then click Save Rule.
To record interest on the loan
- Open the Profit and Loss tab, then open the Expenses section.
- Locate your interest expense account, or alternatively use the Add Account button to create a new one.
- Enter the interest component of the loan repayment directly into the yellow cells of the data grid.