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Here’s How to Set up and use QuickBooks Loan Manager


QuickBooks has made to the top of the list when it comes to accounting software because of the features. One such essential feature is QuickBooks Loan Manager. QuickBooks Loan Manager helps you calculate interest and payment schedules of the loans on you. Users can track your new and existing loans, make repayments, and run different “what-if” scenarios to compare different loan options. 

 

Many of the users of QB software are not aware of the benefits of QuickBooks Loan Manager and that is why we have this post. We shall tell you all that you need to know to get started with this amazing feature. Read the complete blog and make the best of it or for additional support call on (855)-526-5749.

Key points to remember regarding the Loan Manager of QuickBooks

Before using QuickBooks Loan Manager, there are certain points that must be kept and accounts that must be set up.

  • You need to make a vendor for the Bank or Financial Institution that issued the loan. This task is to be performed if there is currently no existing vendor.
  • User has to record an Initial Loan amount as an opening balance (Using the New Account window) or as a transaction type of journal entry. Ensure to use a loan origination date.
  • In case the Payments have already been made against a loan, then you need to enter the checks, bills, or the Journal Entries.
  • Now set up an Expense type of account for the ‘Interest Payments’ and ‘Fees &Charges’, if none of it exists already
  • Make an Escrow Account if needed.

The process of Depositing the Loan Amount

  • Go to Banking in QuickBooks Loan Manager and then hit on Make Deposits.
  • Make Deposits window will open, choose the bank account to deposit the loan to. 
  • Choose the escrow account next account. 
  • Next, go to the table and enter your lender (that you added as a vendor) to the Received From field.
  • Using the From Account field, select the liability account you created for the loan.
  • Finally hit on Save & Close.

Utilizing the What-If scenario of QuickBooks Loan manager

Using the What IF Scenarios tool will denote the effects of the repayment period, other payment amounts, etc.

  1. Choose the What If Scenarios option available at the bottom of the QuickBooks Loan Manager Screen.
  2. From the Choose a Scenario drop-down menu select either "How much will I pay with a New Loan?" or Judge/Evaluate two new loans.
  3. Choose the Loan to work with.
  4. Fill in the Loan Criteria and hit on Calculate to look at the results.
  5. Click on the Print option and once done hit on Ok

I hope we could help you know about QuickBooks Loan Manager in the best way possible but if there are certain queries that you might have in your mind call QuickBooks Expert Team on (855)-526-5749.

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