What is QuickBooks Loan Manager & How to Set up it?
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.If you are not able setup the loan manager in QuickBooks then you can get assistance from certified QuickBooks ProAdvisors by dialing their toll-free QuickBooks Support Phone Number +1-800-865-4183.
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.If you are not able setup the loan manager in QuickBooks then you can get assistance from certified QuickBooks ProAdvisors by dialing their toll-free QuickBooks Support Phone Number +1-800-865-4183.
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3. After this click on Loan and then select the Continue tab
4. You have to now fill in the field of Account Name and then click on Enter
Opening Balance
5. Click on OK and after that Save & Close.
Step 2: Create a Vendor
To enter the name of the bank or financial institution that has issued the loan:
1. In the Vendor Menu click on Vendors Centers and then select the
option New Vendor
2. After that provide all required details and then click on OK button.
Step 3: Set-up an expense account
To keep a track of the interest payments or fees and chars:
1. First go to Lists and then open Charts of Accounts (COA)
2. Now click on Account drop down and then select New
3. After this tap on Expense and then choose Continue
4. Fill up the account name for the interest payments or fees and charges
5. Finally click on Save and close.
Prepare to track loans in loan manager:
Before utilizing QuickBooks Loan Manager, you need to set up the side by side
records and handler in QuickBooks Desktop.
• Make a handler for the Bank or Financial Institution issuing the credit, if none
as of now exist
• Record the underlying credit sum as an opening equalization (utilizing New
Account window) or as an exchange like diary passage, also try to utilize the
credit start date. On the off chance that instalments have just been made
against the advance, now you have to enter these as checks, bills or dairy
sections.
• Set up an Expense sort represent fix instalments and Fees and charges, if
none as of now exist.
• Make a security account if fundamental.
To set up QuickBooks loan manager you have to select banking and click on add a
loan. Read the blog to know the steps to set up a loan manager in QB. Follow the
Steps Shown above hope so, you will have no problems and if you are still facing
problems then you may dial our QB Support Phone Number +1-800-865-4183.