Skip to main content

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.

Comments

Post a Comment

Popular posts from this blog

QuickBooks Export to Excel Not Working- Tested Solutions

QuickBooks is a leading software tool that has made some groundbreaking innovations in automated accounting solutions. Moreover, it enjoys vast popularity in the middle to small-sized businesses owing to its useful tools and 24*7 technical support for its customers. However, some errors like the QuickBooks export to Excel not working error hinder the productivity of its users and their tight schedules as well. So today, we will talk about the error, its causes, and solutions. On a different note, if you want additional support on the issue of QuickBooks export to Excel not working, call on the (855)-526-5749 and get immediate expert assistance on the line. Why is QuickBooks Online export to Excel not working? Below are given the cause behind the issue of QuickBooks export to Excel not working . Microsoft Excel is malfunctioning due to some damage. QuickBooks is outdated. There is a chance that QuickBooks is damaged. The file registry is improperly working. What are the solutions for t...
11 comments
Read more

What Causes QuickBooks Error 108 & How to Fix it?

Backed by advanced accounting solutions, QuickBooks is the most popular software among small and mid-sized businesses around the world for executing top-level performance for different business-related tasks. QuickBooks not only manages and calculates payroll and financial transactions but also helps in bookkeeping and other accounting activities. However, QuickBooks user often face technical issues and error messages while using the Desktop application that spoils the smooth workflow. This article will help you know the troubleshooting methods and steps to fix QuickBooks Error 108 so follow the complete article until the end. QuickBooks online banking error 108 occurs when your financial institution or the bank’s website is down or not responding for some reasons. To get immediate help and assistance resolving the error dial QuickBooks Online Banking Support Number (855)-526-5749 Common Reasons for the Occurrence of Intuit QB Error Code 108 For an relevant troubleshooting, it is nece...
3 comments
Read more

How to Safely Resolve QuickBooks Error 12007

QuickBooks Error 12007 is displayed on your screen when you fail to update the QuickBooks payroll software while using the QuickBooks application, which can happen if there are internet connection issues occurring due to improper internet browser or security settings. The article below describes in detail the causes and fixes to QuickBooks Error Message 12007 .  If you are stuck with QuickBooks update error 12007 and need quick assistance to resolve it easily, dial (855)-526-5749 to talk with a QuickBooks expert for immediate help getting rid of “Error code 12007 Unable to Connect to Internet” error message Solutions to Fix QuickBooks Error 12007 Solution 1: Check the internet settings Note: QuickBooks uses the internet explorer as the default browser to connect to the internet, so make sure you have saved internet explorer as your default browser.  First of all, download and run the TLS 1.2 utility. Then make sure your default browser is internet explorer if it is not already...
1 comment
Read more