QuickBooks Loan Manager establishes loans in QuickBooks counting on the data given on the Long-term Liability & Other Current Liability accounts. The Loan manager enables you to trace both Principal and interest without glancing over the amortization tables to guage the amounts. Subsequently, these amounts are going to be entered manually using the journal entries.
How to Set Up a Loan in QuickBooks?
- First of all, you’ve got to settle on Banking, Loan Manager from the menu.
- Now, click on Add a Loan and fill altogether the specified details.
- From the Account Name drop-down list, choose long-term liability account for the loan.
- After that, from the Lender drop-down list, choose the Payee.
- Fill up the loan Origination Date.
- Next, from the Terms list, you’ve got to settle on Weeks, Months, or Years and click on on Next.
- Choose a Payment Method and fill within the rate of interest .
- After that, choose a Compounding Period.
- From the Payment Account list, you’ve got to pick a checking account .
- Now, select the expense Account. Click on Finish.
Setting up the accounts for QuickBooks Loan Manager
Step 1: Set-up a Liability Account
Step 2: Create a Vendor
Step 3: Set-up an expense account
Step 4: Set up an escrow account
You can simply make a call at our toll-free number i.e. 1-800-865-4183 and speak to our experts and certified accounting professionals and get answers to all your queries. Thus, do not hesitate in ringing up anytime, our professionals will be there to help you.
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