Loans and the Loan Payment Template

Loans and the Loan Payment Template

Adding your Loans to your REI Hub Portfolio allows you to track the flow of funds through your business, as well as things like principal pay down and estimated equity.  Before you can book a Loan Payment, you first must create a Loan account.

Loan Accounts in REI Hub encompass both mortgage and non-mortgage loans.  Creating a Loan automatically adds it to your Chart of Accounts as a Liability Account.  If it is an escrowed loan, the Escrow Account is also automatically added to the Chart of Accounts as an Asset Account.

The Loan Payment Template helps you automatically break down regular Loan Payments into their component Principal, Interest, and Escrow (if applicable) parts. 

Loan Accounts are not electronically linked in the same way as Bank and Credit Card Accounts, as Loan Payment transactions are typically already imported from the bank account side.

To create a Loan in REI Hub:

1) Navigate to the Loans page

Click on Accounts on the left hand menu, and then select Loans below. 

2) Click Add Loan

3) Enter the Loan's basic information

  1. Enter the Loan Name, Current Balance and Date of Current Balance.  
  2. If it is a mortgage, leave the 'This loan is a mortgage' box checked. If it is not a mortgage, uncheck the box, and any interest will be accounted for as 'Other Interest' instead of 'Mortgage Interest.'
  3. If the loan is escrowed, leave the 'This loan includes an escrow account' box checked.  If the loan does not include escrow, uncheck the box.
4) Fill out the Loan Payment Template (optional but highly recommended)

  1. Monthly Payment Amount: This should be the exact amount of your recurring monthly payment. 
  2. Paid from Account: Specify which account pays the loan so the system can look for the transaction. 
  3. Interest Rate: Enter the exact interest rate, with as many digits as required.
  4. Monthly Escrow Transfer Amount: This is the same amount every month (unless adjusted by your loan servicer) and can be found on your loan statement. 
To not set up the loan payment template, uncheck the box. Without a payment template in place, you will need to manually enter the principal, interest, escrow split when booking Loan Payments to this account.  

5) Click Save Loan.  View and edit from the Loans page

Click on the name of the loan (in blue) to view all transactions associated with the loan.

Click the Edit pencil to the right of the loan name to edit the loan name or payment template.  For example, if the amount of your escrow transfer changes, so too would the total payment amount, and you would need to adjust the payment template to match.

Click on View Escrow Account to see all transactions associated with that account. 

7) Contact us with any questions! 

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