QuickBooks Loan Manager is an useful tool that allows you to track loans, repayments with compounded interest and principal installments for a particular period. It also allows you create installments for either the standard booked sum or extra installments. You can also create a payment for the frequently scheduled amount due or additional payment.
As each progressive installment is influenced the enthusiasm to partition steadily diminishes and the primary segment increments. QuickBooks Loan Manager helps you in figuring the sum plan and automatically monitors the present portion.
Prepare To Track Loans In Loan Manager
Before setting up the QuickBooks Loan Manager, you are required to setup the side by side records and handler in QuickBooks Desktop.
- Create a handler for the bank or Financial Institution that is providing you the credit.
- Make a note of underlying credit sum as an opening equalization or as an exchange like diary passage and use the credit start date. If the installments was made against the advance then you are suppose to enter them as checks, bills or dairy sections.
- Set up an Expense sort that represents fix installments and Fees and charges if none as of now exist.
- Create a security account if required
How To Record Payments In QuickBooks Loan Manager
- From the main menu, click on Banking
- Select Loan Manager from the drop-down list.
- Click on Add Loan
- Provide the Account Information of the advances and then click on Next
- Record Name: Already setup loan account
- Loan specialist: dealer to which installments will be made.
- Beginning Date: Date from which the credit starts.
- Unique Amount: Full starting measure of the credit.
- Term: Time it will take to refund the advance in full in weeks, months or years.
- For the sort of record that you are including, click on Credit and then proceed. Sort for the record and record number on the window that appears next.
- Click on Save & Close
- Now enter the advance QuickBooks, attributing the total dollar add up to the Note Payable record that you recently included to your outlines of records. Now you have to include a handler for the bank or financial institution that is providing you the credit.
- Now you are able to add the credit in the Advance Manager to get to this component in QuickBooks. Head to the Keeping Money drop down menu that you can find under the best bar. Click on Advance Manager and then select Include a Loan. Under the Include Loan box, fill in the required fields.
- A new window will appear, fill the required fields and then click on Next
- Enter the Interest rate then Compounding period in the following screen. Further, select the Payment Account, Interest Expense Account and Fees/Charges Expense Account fields and then click on Finish
- If another window comes up then click on Finish
- If the primary installment is not paid then you should not enter the installment outside of the Loan Manager because it can cause an error between the credit adjust in Note Payable in QuickBooks. For making a portion installment on the advance, dependably enter Loan Manager. And select Set Up Payment in the next window.
- In the next window, check that the key and fix are rank and then it will be directly connected to Note Payable and Interest Expense under the general record. Click on Alright and the Loan Manager will automatically create the check for your present advance portion installment.
Support For QuickBooks Loan Manager
Now you are ready to use the Loan Manager of QuickBooks easily. But as you can see that it is a bit complex to setup the QuickBooks Loan Manager and it requires a decent knowledge of QuickBooks. If you are not able setup the loan manager in QuickBooks then you can get assistance from certified QuickBooks ProAdvisors of getsupportnumber.com by dialing their toll-free QuickBooks Support Phone Number +1805-900-6410.