Set up a mortgage, HELOC or interest-only loan
Save a dated loan balance and choose whether to use a payment forecast.
On this page
Have the lender statement with principal balance, statement date and loan start date. Use the actual statement split for variable payments.
Step 1: Add the loan
Open Accounting > Loans and select Add loan. Enter Loan name, Loan type, Portfolio/property, Current principal balance and Statement balance date.
Step 2: Choose what to track
For a HELOC or interest-only loan without a fixed payment split, choose Balance only. Enter Loan start date. Balance and payment forecast instead requires Monthly payment and Interest rate; the payment includes Monthly escrow.
Step 3: Save the opening balances
Select Save and continue to open Set up your opening balance. Enter Opening balance date, Principal owed on this date and Escrow held by the lender from your records. Select Save opening balance when correct, or Add later if it needs review.
Step 4: Review variable payments
Open the saved loan and select Record payment for money already paid. Enter the actual statement amounts rather than relying on a mortgage forecast.
Interest-only payments
In Record payment, enter the full payment as interest and zero for principal and escrow when the statement shows no other components.
Principal-only or mixed payments
For principal only, enter the statement principal amount and zero interest and escrow. For mixed payments, enter each actual component. Follow the separate extra-principal field when the payment includes it.
Credit-line draws
A new draw is different from a repayment. Recording a payment or changing a forecast does not automatically import or reconcile borrowing. Review draws and opening balances separately with your bookkeeper.
Check the result
- The saved loan has a dated balance and the selected tracking mode. Posted opening balances and actual payments are separate records.
FAQs
Does Rentari have an interest-only loan type?
The types are Mortgage, Hard money loan, HELOC and Other. Use Balance only when the standard payment forecast does not fit the loan.
Does adding loan details post the opening debt?
No. The next opening-balance step records opening principal and lender escrow. Check existing entries before saving those balances to avoid duplication.
Can I overwrite the balance after payments?
Recorded history is protected. Review the offered update or reversal path instead of replacing a protected statement balance.