How to Use QuickBooks Loan Manager

by James Antonio Marketing Head

QuickBooks Loan Manager is a feature available in QuickBooks Desktop that allows businesses to track and manage loans. It is an effective tool that helps businesses to stay on top of their loan obligations and avoid any missed payments. With QuickBooks Loan Manager, businesses can easily create and manage loans, track payments, and generate reports on loan activity. This article will explore QuickBooks Loan Manager in detail, including its features, benefits, and how to use it.

Features of QuickBooks Loan Manager

Loan Setup Wizard: QuickBooks Loan Manager has a loan setup wizard that guides users through the process of setting up loans. The wizard prompts users to enter loan information such as the loan amount, interest rate, payment frequency, and due date. Users can also specify the payment method, payment account, and payment amount.
Loan Tracking: QuickBooks Loan Manager tracks loan payments and updates the loan balance automatically. Users can view the loan details, payment history, and upcoming payments.
Payment Scheduling: QuickBooks Loan Manager allows users to schedule payments in advance. Users can specify the payment amount and due date, and the tool will automatically deduct the payment on the specified date.
Reporting: QuickBooks Loan Manager generates reports on loan activity, including payment history, payment due, and loan balances. Users can also create custom reports based on specific loan parameters.

Benefits of QuickBooks Loan Manager

Simplifies Loan Management: QuickBooks Loan Manager simplifies loan management by automating loan tracking and payment schedule. Businesses no longer have to manually track loan payments or worry about missed payments.
Saves Time: QuickBooks Loan Manager saves time by eliminating the need for manual tracking of loan payments. Businesses can focus on other areas of their business, knowing that their loan obligations are being tracked and managed.
Improves Accuracy: QuickBooks Loan Manager improves accuracy by automating loan tracking and payment schedule. Businesses can avoid errors associated with manual tracking and payment schedule, such as missed payments or incorrect payment amounts.
Generates Reports: QuickBooks Loan Manager generates reports on loan activity, which provides businesses with valuable insights into their loan obligations. Businesses can use this information to make informed decisions about their finances.

How to Use QuickBooks Loan Manager?

Set up a Loan: To set up a loan, go to the Banking menu, select Loan, and then choose Add Loan. Follow the prompts to enter loan information such as the loan amount, interest rate, payment frequency, and due date.
Schedule Payments: To schedule payments, go to the Loan Manager window, select the loan, and then click on the Schedule Payments button. Enter the payment amount and due date, and then click on Save.
View Loan Details: To view loan details, go to the Loan Manager window, select the loan, and then click on the View Loan Details button. This will display the loan information, payment history, and upcoming payments.
Generate Reports: To generate reports, go to the Reports menu, select Loan, and then choose the desired report. Users can choose from reports such as Payment List, Loan Balance, and Amortization Schedule.

Conclusion

QuickBooks Loan Manager is an essential tool for businesses that have loans. It simplifies loan management by automating loan tracking and payment schedule. The tool also saves time and improves accuracy by eliminating the need for manual tracking of loan payments. Businesses can use QuickBooks Loan Manager to generate reports on loan activity, which provides valuable insights into their loan obligations. By using QuickBooks Loan Manager, businesses can stay on top of their loan obligations and avoid any missed payments.

Reference: https://losanews.com/learn-about-quickbooks-loan-manager/