<topic sku="core" tNum="226284" author="sallyh" xmlns="x-schema:hhTopicSchema.xml"><index><title>Enter late fees with a loan payment</title><category>accounts</category><klink type="prcdr">How do I enter late fees with a loan payment?</klink></index>
<content>
<p variant="impt">This procedure does not actually send your payment or print your check. If this is an <glossary tNum="28840">electronic payment (Epay)</glossary> or <glossary tNum="287104">transfer (Xfer)</glossary>, you still need to connect to the <glossary>financial institution</glossary> from which you pay bills electronically. If it's a printed check, you still need to print and mail the check.</p>
<li>Click the loan transaction you want to record, and then click <emph>Enter into Register</emph> or <emph>Pay Online</emph>.</li>
<li>Click <emph>Details</emph>.</li>
<li>In the <emph>Category</emph> column, click <emph>Bank charges</emph> in the first blank line.</li>
<li>Create or select a subcategory:</li>
<ul>
<li>If you haven't created the subcategory Late Fee, type it in the subcategory box, and then follow the instructions on the screen.</li>
<li>If you have created the subcategory Late Fee, select it in the subcategory box.</li>
</ul>
<li>In the <emph>Amount</emph> column, enter the amount of your late fee, and then click <emph>Done</emph>.</li>
<li>Click <emph>Change the loan payment amount to be the sum of the loan split amounts</emph>, and then click <emph>OK</emph>.</li>
<li>Click <emph>Record Payment</emph>, and then click <emph>No</emph> if Money asks if you want to recalculate your principal and interest.</li>
<li>If Money asks if you want to modify the future payment of this bill, click <emph>No</emph>.</li>
</ol>
<p variant="note">Money enters this transaction in the account register from which you pay the loan and in the register for your loan account, if you have one. It's a good idea to set up a loan account if you want to track your net worth or if your interest is tax deductible.</p>
