Articles

QuickBooks Loan Manager - Learn How to Set up and Use It?

by Devin Smith Technical Support Expert

QuickBooks loan manager is a tool for the companies to track the unpaid loans and change the installments, if any of them are missed out. This tool diversifies the entire loan amount into interest and principle, which helps in timely loan repayment. This also permits the user to add or remove the loans that needs to be tracked and also set up the loan payments for them. This tool calculates the amortization schedule at the current rate provided by the user and thus the user will not have to work on it each and every month. 

If you are interested in knowing the process to setup QuickBooks desktop loan manager, then in that case make sure that you stick to this post carefully till the end. You can also speak to our QuickBooks professionals via our toll-free customer support number +1-844-405-0906 and ask them to carry out the process on your behalf.

 

Steps to setup QuickBooks desktop loan manager

The user can follow the below steps and create the below accounts to set up the loan manager in QuickBooks desktop. Let us check out each of the steps one by one:

1.       The very first thing is to set up a liability account

·         The user needs to move to the list’s menu and then open charts of accounts

·         Also, click on the account drop down and select new tab

·         Followed by clicking on loan and then select the continue tab

·         Now fill in the field of account name and then click on the enter opening balance

·         After that click on ok tab and after that hit save and close

2.       The user is then required to create a vendor

·         This is to enter the name of the bank of financial institution that has issues the loan

·   Under this, the user needs to click on the vendors centers in the vendor menu and then select the option new vendor

·   After that provide all required details and then click on ok tab

3.       Set up an expense account: For keeping a track of the interest payments or fees and charts

·         In this, the user needs to move to the lists tab and then open charts of accounts

·         Also, click on account drop down and then choose new

·         Now, this tap on expense and then select continue

·         Followed by fill up the account name for the interest payments or fees and charges

·         The last step is to click on save and close

4.       Setting up an escrow account

·         Under this, the user needs to move to the lists menu and then open the charts of accounts

·         And also click on account drop and select new

·         The next step is to open the other account types and then select other current asset

·         The user is then required to click on continue and then provide the account name

·         The last step is to click on save and close

 

By now, the reader might be well versed with the process to setup QuickBooks desktop loan manager. However, if you still have any query or in case you need any sort of technical assistance, then do not hesitate in getting in touch with our professionals right away.

Our QuickBooks premier technical support team will ensure to provide you with the best possible support services immediately.

 

Read Also:

How to Resolve QuickBooks Payroll Error PS033?

How to Convert QuickBooks Desktop to Online?


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About Devin Smith Freshman   Technical Support Expert

6 connections, 0 recommendations, 44 honor points.
Joined APSense since, July 18th, 2019, From Everett, United States.

Created on Feb 9th 2021 06:34. Viewed 152 times.

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