What is Quickbooks loan manager and how to set it up

What is Quickbooks Loan Manager and how to set it up?

QuickBooks Desktop Loan Manager allows businesses to track unpaid loans and adjust monthly installments if necessary.

QuickBooks Loan Manager is an essential tool for any workplace around the globe. This divides the total loan amount into principal and interest so that the loan repayment is on time. You can add or remove loans and set up loan payments.

How to set up the Quickbooks Loan Manager These are the accounts you need to create to set up Loan Manager in QuickBooks.

Liability Account - To keep the loan in the future while selecting an account. ● ● ● ● ●

Open Charts of Accounts by going to the Lists menu.

Select New from the Account dropdown.

Click on loan, then choose to continue.

Complete the Account Name field and click on Enter Open Balance.

Click on OK, then Save and Close.

How you can track loans using Quickbooks Loan Manager Click on the Banking Menu and select Loan Manager.

Select Add Loan to enter the following information about the loan.

1. Account Name: This is the same account you created using the steps above.

2. Lender: The Vendor to whom the payments will be made.

3. Origination Day: Date when the loan is processed.

4. Original Amount: The loan's total initial amount.

5. Term The period of time that both parties agree to in order to repay the loan entirely.

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