Can I change the payment amount and amortization info on a refinanced Mortgage Loan?

Yes, you can change the payment amount on your check to reflect adjustments or modifications of your loan terms, fgocmc.

If modifying the payment amount on a refinanced loan is due to changes in interest rates or any additional payments, you can adjust the amounts on your checks to match and balance the total of the principal and interest lines.

With this, here's how you can modify your check transaction:

1. In your QuickBooks Online account, navigate to Expenses and find the existing Check entry.
2. Click on View/Edit under the Action column.
3. From the Category section, adjust the payment amounts and verify the accounts used.
4. Review all details, then Save and Close.

In addition, amortization of debts and assets in QBO will have to be done through manual transactions. To ensure you're accounting for your amortization correctly,  I suggest consulting your accountant or bookkeeper. You can check out this guide for additional information: Does QuickBooks Online have an amortization schedule?

Additionally, you'll want to seek additional guidance from our QuickBooks Live Expert Assisted team to help manage your finances and provide assistance in keeping track of your overall entries.

Once you've completed the process, it's essential to regularly update the account balances and reconcile your accounts to maintain the accuracy of your records.

Please let us know below if you have additional questions.

You may update the payment amount, however, QuickBooks doesn't automatically update the amortization as well. You probably will want to review this reverse.mortgage/servicing-setting-record-straight - clarifying which entries to make when a mortgage servicing change occurs. Truthfully, setting it up as a new loan record usually avoids issues with future reporting.