The Loan Repayment Calculator is a starter designed to calculate the interest rate and interest for the year, as well as the current and non-current portions of a client's loan for hire purchases and chattel mortgages.
To use the Loan Repayment Calculator, download the starter file from the Smart Suite website or open from HowNow Knowledge. Make sure the date on the Home sheet is the correct year that you wish to calculate the loan for.
In the Loans section of the Index sheet, insert either the 'H11 Chattel Mortgage Schedule' or 'H13 Hire Purchase Schedule' worksheet. You will need one worksheet per loan. Change the name of the loan on the Index in the Worksheet Title column.
This name will automatically flow through to the Loan description on the worksheet.
Complete all of the Loan details in column N and the Loan Principal in column S. There is also an option to have either the nominal or effective interest rate calculated. Press the Update Summary button.
This will populate the Reconciliation section.
Note: The Amounts currently in the trial balance need to be completed for this section to work correctly.
You will also be provided with both a yearly summary and a full schedule of the loan.
Once you have completed the a schedule for each loan, go back to the Index and click the REFRESH the Summary button. This will populate the current and non-current amounts for each loan, as well as give a total of all loans for the year.
This worksheet can then be linked to your end of year Accounts and Tax or Connected Workpapers starter files by using the Copy Worksheet from another file option when inserting a worksheet.