I need to determine what the best approach is to document the payments received each month, as well as a formula to allocate them appropriately.This employer is delinquent on their employee monthly contributions: they agreed to pay $1k per month(they can pay more at any given time) until all outstanding contributions are paid, and then the payments will begin applying to the interest due.

Things to factor in:

•monthly contribution due: 1,567.05 monthly (this is allocated as follows: 53% to HW, 30% to Pension, and 17% to Surcharge)

•Payment agreed per month:$1,000 until full contribution for each month is paid off; interest will be paid last. also, as soon as the agreed amount is received each month, principal will stop accumulating as of the post marked date in column K. This is why it is crucial this enter the postmarked date in K each month so that interest will stop accumulating for the oldest outstanding invoice.

I want to somehow make it where excel knows to apply the payments to the oldest outstanding, but not to exceed $1567.05.

Since $1,000 is less than the principal due. It will take 2-3 months of payments for the full 1,567.05 to be paid off for any given month . Also, if they ever send a payment greater than $1000, I want excel to allocate and distribute payment appropriately as mentioned above.

In addition. Once the full outstanding contributions are paid (grand total of $37,609.20) I want excel to start applying the payments to the "remaining balance" (interest due), which should be column V if all of the above works as appropriately.

Is it better if I make a separate table to log each payment when received and somehow make it to where it is liked to the existing table to allocate the payment how I want? What formula would do that?

I entered an example in the table of what my initial thoughts process is for documenting the received payments; I essentially want excel to know how to do it automatically.