My company has several auto leases that have been in progress for several years, prior to the implementation of GP. Instead of having our clerk manually input the amortization interest and principal each month for each loan, I want to put these in as scheduled payments via one of two ways, both of which have problems:
1. Method: Input original invoice data with the full amortization schedule to accurately calculate interest.
Problem: I don't want to impact prior years or re-post payments already made.
2. Method: Input remaining balance and modify interest rate to approximate actual payments.
Problem: I cannot exactly replicate the amortization schedule.
Both methods also do not help me address the fact that the loan is already a long-term payable on the books. How would I replace that with the revised scheduled payment? Has anyone had experience with implementing loans already in progress?
Thanks
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