QuickBooks Loan Manager is the great feature provided by the QuickBooks and it traces the loans, principal installments for a specific period and repayments with compound interest. Every time you make payment the interest will slowly decrease whereas the amount going to principal will increase. This QuickBooks Loan Manager produce the amortization program for the loan time duration. And gives the portion of each payment which applies to interest, escrow, and principal. The Loan Manager software helps you to make regularly scheduled payment amount due or additional payments.
How to track loans in loan manager
Before using the QuickBooks Loan Manager software, you must set the handler and side by side QuickBooks Desktop.
- Create a handler for the Financial Institution and the Bank who is issuing the credit.
- As an opening equalization, you may track or record the underlying credit sum. Hence it is exchanged as a diary passage, and also you can credit the start date. At the off the installments which are made against the advance. Now these are entered as checks bills or diary sections by you.
- Form fees, charges, and expense type represent fix installments if none exist.
- If you have the primary account then make a security account.
How to track Payments in QuickBooks Loan Manager
- From the given Banking Menu bar, go and click on loan Manager.
- Now select and click on the Add Loan.
- Here enter the information of the account and Tick on the Next.
*Mention the Name-For which loan account that you already set up.
*Loan Specialist description0-The dealer’s information to which installment will be made.
*Beginning Date-Date from when the credit is going to start.
*Unique Amount-The full detail of the measure of the loan which is given.
*Term-It is the total time that it will take to refund the advance money in full weeks, months and years.
*Choose the credit as the type of record which you are adding and proceed.
*Click on save and close
*Mention and next record the advance in QuickBooks software and the total dollar and include to the Note Payable record.
*To add the credit in the ‘Advance Manager’ you are currently prepared to get this component in QuickBooks. You must go to the ‘keeping money’ drop-down menu bar which is located over the best bar.
*In the given screen enters the ‘Installment amount,’ ‘Following Payment Number’ by default to 1 and ‘Due Date of Next Payment,’ enter ‘Installment Period’ and select to click on ‘Next.’
*Enter the “Interest rate%” after that next option is to select is ‘compounding period’ and here you will get a drop-down list button. You have to choose according to your computing time like yearly, monthly and Quarterly. Now the Next option is ‘Payment Account.’ The further step is ‘Interest Expense Account’ also choose the Interest Expense from the above drop down menu button. Now the further is ‘Free/charges expense account.’ Click and select the Bank Service Charges after that click on the ‘FINISH BUTTON’.
*If you have followed the above-given instructions and steps then your loan amount is set in the QuickBooks loan manager software then follow the screen.
*You should never enter the installment outside of the Loan Manager at the point when the initial payment is not paid. This will create an error between the credit adjust which appeared in the Note Payable section on your Books in the QuickBooks software. Dependably enter Loan Manager to generate a portion installment in advance. In the open window choose and select ‘Set up Payment’ option.
*The window which shows up check that key and fix the rank. In your general record, it will be connected accurately to note payable and interest expense. Click on ‘alright,’ and the Loan Manager software. Therefore it automatically creates the check present and advance portion installment with date, payee, sum, cheque number, sum and total sum given on Interest Expense and Note Payable.
Now, you are done, as a result, you can print the cheque.
If you face any technical issue while going through the steps mentioned above, then contact QuickBooks Customer Support by telephoning QuickBooks ProAdvisor Support Number and get the best assistance by our skilled team 24X7.