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General Accounting Discussions: making adjustments to an amortization schedule for a Notes Receivable

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    • CommentAuthorkkb
    • CommentTimeFeb 21st 2008
     
    A business entity has a Notes Receivable for a land contract. Payment(s) have been missed by the borrower. Is there an appropriate time according to GAAP that the amortization schedule should be adjusted? Such as the beginning of the year or the end of the loan. Can we change the amort schedule any time the payment is missed. I'm trying to make sure he gets the appropriate amount of interest.

    kkb

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