Loan Interest Adjustment

1. Look at the loan paper. Note the PRINCIPAL BALANCE number.
2. Go to Quickbooks
3. Go to Lists, Chart of Accounts or click on Accnt Icon in top row
4. Scroll down to 2200 Mortgages
5. Scroll down to the mortgage that is the same as the statement in front of you. They are in the order of the loan numbers
6. Double click to open up the register.
7. Note the number in the month PRIOR the the month you are fixing
8. Subtract the number on the prior month (November) from the Principal Balance number from the statement
9. Double click on the Current month (December) you are fixing. The check will pop up.
10. Take the number you subtracted and overwrite the amount in the mortgage column
11. Hit the TAB button multiple times until you reach the third line. The difference in interest will automatically be calculated.
12. Take the number that pops up and subtract (or add) it from the second line Interest expense
13. Replace the Interest expense amount with your new calculated number. Delete the number below
14. In the memo areas type in yea for Year End Adjustment so you know that loan has been corrected for the year
15. Click Save and Close
16. Now look back on the register of the month you are working on and make sure it is the same as the Principal Balance number on the bank statement. This is very important that they match up.
17. X out of the register in the top right and go on to the next one.
18. At the end file the loan statements in the correct file.