How to Query for Due Dates in Access 2007 - sql

Question

I have a 2 access 2007 tables with the following fields:
Table 1: Loan Release Table
ReleaseDate as Date
Maturity as Date
MemberName as Text
MemberNo as Text
Term (in months) as Number
Mode (M/Q/Semi-Monthly) as Text
LoanType as Text
LoanAmount as Currency
LoanCode as Text
Table 2: Payments Table
ReceiptNo as Text
DatePaid as Date
MemberName as Text
MemberNo as Text
LoanCode as Text
LoanReceivable as Currency
InterestPaid as Currency
I would like to ask on how to use Query to create a temporary table that will display Members that should pay on current date or a specified date base on their Term, Mode of Payment and Loan Type (Regular Loans every 30 days to pay, Special Loans every 45 days to pay) and their remaining balance.
Here's my First Attempted Query: I tried to subtract 30 days from Current Date and it obviously gave me just the transactions last month. I would like it to list all transactions including those for example Member with Regular Loan 12 month term on their 3rd monthly payment, Member with Special Loan that is due today.
I am thinking of creating another table that contains the schedule of payments of every Loan released and then go from there.
Is there another way than this? Like a Query that can be run everyday without the need for a bulky ScheduleOfPayments table?
I'm an office clerk who 'graduated' from Excel and a novice using Access at worst and I'm not afraid of VBA codes if that is necessary.
If you know of a better way of doing this, please do tell me or point me in the right direction. I'm all for learning new things and having read and learned a lot from stackoverflow before, I am sure that with your help, my question is as good as solved.
Thank you guys for reading my inquiry.

Answer 1

You have here two solutions:
You can write a procedure that will, when needed, calculate\generate a matrix containing payment schedule for each loan and compare it to payment done.
You can write a procedure that will, when a loan is created, generate corresponding records in a payment schedule table. further comparison will be done between the ScheduledPayment table and the Payment table.
So basically you have to manage a similar set of data, either as a calculated/on the fly matrix or as a permanent set of data kept in a table.
The second version is by very very far the most effective one. You think of it as bulky but it is exactly the opposite, and indeed what is done every time you get a loan from a bank, where your banker will let you sign the reimbursement schedule.
The table solution will allow you to make use of all querying facilities, while the calculated solution will force you to write specific procedures each time you'll want to do some data mining. Just think about a question like "What are the expected reimbursements for the month of April 2014?". Answering this question with the ScheduledPayment table will be as easy as getting a cafe out of your nespresso machine. The same answer without the ScheduledPayment table will be like having to do the whole coffee production process before getting your cup ready.