Automatic Loan Payment

[paulygc]

I have a loan payment on the 15th of each month. The bank automatically takes the money out of my account. I manually do a general journal entry removing the cash and expensing the principal and interest. Does Peachtree have something that would automatically do this every month on the 15th? My little $50 Quicken program does this at home with my mortgage. One would think Peachtree could do this too.

[dringstrom]

Unfortunately this functionality hasn't been written into the software yet. I believe that the latest version of QuickBooks offers a loan managemnt capability. If so, I would expect that feature to be matched this summer when Peachtree 2006 arrives.

Only solution for you is to sit down once and post the corresponding entries in as many accounting periods as you can into the future. This way it would already be posted when you reach that accounting period.

[dderolph]

What about Memorized Transactions? I haven't used it yet, but I would guess that might be an option here. However, since the amount of interest and principal changes each month, this may not work.

[dringstrom]

Memorized transactions would help in remembering which account numbers get posted, but since the principal and interest amounts vary each month, there's not much other benefit to using a memorized transaction.