How does a transfer entry work for interest bearing loan payments?

Steps to create a transfer entry for interest bearing loan payments:

1. Launch the TimelyBills app on your device.

2. Tap on the Plus icon (+) and select transfer

3. Enter Details like From Account, To Account, Amount, Category, Date and time, Tags, Notes (Optional)

4. Tap on Select Repeat Option to Set up recurrence

• Select a Recurrence pattern (e.g. Daily, Weekly, Bi-weekly, Monthly, Annually)
• Use the Custom option if you need a more personalized recurrence schedule

5. Tap on "Auto Calculate Interest from payment" toggle to enable in case you want the app to calculate interest automatically based on interest rate provided in the loan account. Turn it on if you want to manually provide interest amount 

6. Tap on Breakdown button to add Interest

7. Tap the Check mark (✓) icon on the top-right corner to save the transfer transaction

8. You will be redirected to Transaction where you can view your recently created transfer transaction.

If you counter any problem or have a query, please contact support at support@timelybills.app