SCENARIO 7: A LOT MORE than the usual Payment received

This scenario is for when a LOT MORE than the Correct Payment is received, perhaps a double payment.

If you have received MORE than the normal payment and it is to be applied for a single month, see Scenario 6: MORE than the Correct Payment received.

For this scenario you are entering what is received over several months and you will be breaking the payment down to enter it correctly.

For example, your monthly payment is $929.17, but your borrower sends you Double, which is $1,858.34.

If this payment was sent for two months and you applied it all for the first month, then there is the issue of a payment to Principal, as you are trying to apply more than is actually due for Interest. To prevent this, we will take the following steps.

Click on the Record Payments worksheet.

Enter the First Payment
In our example, the first payment is due March 1 2021 and the second payment is due on April 1 2021.

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

Then enter the amount received in Column E. As we are breaking this double payment down into the usual single payments, enter $929.17.

Then apply your payment by entering $929.17 into Column M.

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

Entering a lot more than the usual payment amount

Enter the Second Payment
Next, enter your second payment of $929.17 following the steps for the first payment.

In our example, we enter the date 3/8/21 into Column B as that is the date you received the double payment.

Then, enter the payment exactly as you did the first payment.

The Check Number and Cleared Date are optional, but as this is a double payment, it makes sense to enter the same Check Number and Cleared Date for the second payment, so it is clear that this payment is related to the first one.

A lot more than the usual payment amount applied

You have now entered a double payment!

The following payment will be due May 1 2021 as usual.

What if MORE than a Double Payment is received?
In this scenario, you might have received enough for the full first payment and then significantly more for the second payment. If you want to apply this amount to two payments, enter the first payment as above, but for the second payment, enter the extra as well. See Scenario 6 for how to do this.

What if LESS than a Double Payment is received?
If you receive enough for a full first payment and a partial second payment, enter the first payment as above, but enter the second one as a Partial Payment. See Scenario 4 for how to do this.

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