Enter Payments

The following topics provide step-by-step guides on what can happen after you originate a mortgage, which include:

1. Correct Payment received on time
2. Correct Payment Late inc. Late Charge received
3. Correct Payment Late excl. Late Charge received
4. Partial Payment received on time
5. Partial Payment received Late
6. MORE than the Correct Payment received
7. A LOT MORE e.g. Double the Correct Payment received
8. NO Payment received
9. Bad Check received
10. Catch-up Payments

We will correctly handle all the above scenarios, with a little guidance from you.

Only enter in the colored cells. Everything else is calculated.

Don’t worry if you don’t find the instructions below to be clear, there is a step-by-step example of each of the scenarios.

All payments are entered on the Record Payments worksheet.

As part of the above scenarios we cover Late Charges. Learn more about Late Charges.

Click on the Record Payments worksheet.

This section is a brief overview of entering a payment that was received on time and for the correct amount. Much more detail can be found for each payment scenario listed above.

1. Enter Prepaid Interest if applicable
1a. Enter Date Prepaid Interest was received in Cell D5
1b. Enter the amount of Prepaid Interest received in Cell G5

If there is NO prepaid interest due then you do not need to enter anything in either cell.

Learn how to enter Prepaid Interest.

2. Enter Date Received in column B
When you receive a payment you should enter the date the payment was received in Column B. Dates should be entered like 1/05/21 and will appear like Jan-01-21.

See the Amount Expected in column C
You will see the payment expected for the current month in Column C AFTER you enter a date in Column B.

or enter a date in Column G if no payment is received for that month. See below.

If the payment date is after the due date, the late charge is automatically added on.

If your mortgage provides for a monthly escrow payment, this is also included in the payment expected.

3. Enter the amount you received in Column E
Enter the amount received in Column E.

4. Enter the check number in Column H
We recommend you enter the check number in Column H (optional).

5. Enter the date the Check Cleared in Column I
Once the check clears your bank account, enter the date it clears in Column I (optional).

6. Enter the payment to allocate in Column M
Then enter the payment to allocate to that month into Column M. This is almost always the same amount as the Amount Received (Column E).

Escrow Payments
If you are escrowing for taxes and insurance, the amount to Escrow will be automatically calculated and deducted as a prior expense. See how to Escrow Payments.

Click on the Record Payments worksheet.

In our example, the first payment is due March 1 2021.

We received this payment on March 8 2021. Enter 3/8/21 in Column B.

Note that you can now see the Amount Due in Column C as soon as the date is entered into Column B.

The amount due is shown as $929.17 which includes $200 to escrow and is the normal payment amount and the amount you received.

Enter $929.17 in Column E.

Now enter the Total to Apply this month in column M.

You can also enter the Check Number in Column H and the Cleared Date in Column I.

You will note that the $200 escrow payment has been Applied to Escrow in Column N and the Total in Escrow is shown in Column O.

You have now entered your first payment!