Set up a mortgage, HELOC or other loan
Record a dated lender balance and prepare payment suggestions for review.
On this page
Have the latest lender statement, principal balance, statement date and payment account.
Add the loan
Open Accounting > Loans and choose Add loan. Enter the name, type, property or portfolio, Current principal balance and Statement balance date.
Enter payment terms
Enter monthly payment, rate, escrow, term and first-payment date as applicable. The payment includes escrow. Follow validation requiring payment and rate together.
Choose the account
Select the bank account used for withdrawals and whether to suggest matching loan payments. Save and reopen the record to check its balance and date.
Review variable payments
For a HELOC or interest-only payment, use the actual principal, interest and escrow from the statement. Review balance changes from draws separately.
Check the result
- The loan shows the correct dated statement balance and payment account.
FAQs
Does adding a loan establish opening debt in the ledger?
The loan tracker and ledger balances are separate. Review any required opening debt and escrow journal with your bookkeeper.
Can I overwrite a balance after recording payments?
Recorded payments protect their dated balance history. Follow the offered update or reversal flow; do not force a protected balance to match.