How to Record Interest Paid at Closing

How to Record Interest Paid at Closing

Interest paid at closing is recorded in the Gross Interest field in the Year to Date screen. It is a memo field for storing the amount of interest paid in the closing of the loan. The Closing Interest amount must also be entered in the Gross Interest field if the amount is to be included in year end IRS reporting. The Closing Interest field assists in year end balancing, as the Gross Interest amount will be different from the interest in History records by the amount of Closing Interest
  • Select the Customer Service Application
  • Balances
  • Year to Date

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000049558

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