{"id":680,"date":"2021-03-03T08:53:12","date_gmt":"2021-03-03T08:53:12","guid":{"rendered":"http:\/\/www.quickbookssupportphonenumber247.co\/blog\/?p=680"},"modified":"2021-12-18T12:18:53","modified_gmt":"2021-12-18T12:18:53","slug":"setup-quickbooks-desktop-loan-manager","status":"publish","type":"post","link":"https:\/\/www.quickbookssupportphonenumber247.co\/blog\/setup-quickbooks-desktop-loan-manager\/","title":{"rendered":"Setup QuickBooks Desktop Loan Manager and Loan Tracking"},"content":{"rendered":"

\"Setup-QuickBooks-Desktop-Loan-Manager\"QuickBooks being the most useful software is used for managing loans, repayments, track payments, etc. which helps a user to create monthly instalments and additional payments which are required. Setup QuickBooks desktop loan manager and loan tracking<\/strong> is one area where long-term liability and current liability accounts information is given. This software tackles all the problems by calculating the appropriate amount as principal, interest, and amount.<\/p>\n

Quick steps to setup QuickBooks desktop loan manager<\/strong><\/h2>\n
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  1. Click on the Banking<\/strong> option from the QBL loan manager.<\/li>\n
  2. Click on Add a loan<\/strong> option by filling in all the necessary details.<\/li>\n
  3. Choose a strong account name that is long-lasting and is used commonly.<\/li>\n
  4. From the drop-down list choose payee.<\/li>\n
  5. Details like date of origin should be filled in.<\/li>\n
  6. The list of terms will appear in which you have to select one from weeks<\/strong>, months<\/strong>, and years<\/strong>.<\/li>\n
  7. After clicking Next<\/strong>, choose a payment method<\/strong> by filling interest rate.<\/li>\n
  8. Choosing the option of compound rate you have to proceed further with a bank account from the payment account list<\/strong>.<\/li>\n
  9. Choose the option of interest expense account<\/strong> and click on finish<\/strong>.<\/li>\n<\/ol>\n

    How you can setup QuickBooks desktop loan manager?<\/strong><\/h2>\n

    Step 1: Business Loan Setup in QuickBooks<\/strong><\/h3>\n
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    1. Choose a chart of accounts by clicking on the gear icon<\/strong> from the company list.<\/li>\n
    2. Change the account type based on loan type whether it is a long-term liability or current liability.<\/li>\n
    3. After proceeding with the above process change the detail type to loan payable.<\/strong><\/li>\n
    4. Save and close<\/strong> after putting the name of the account.<\/li>\n<\/ol>\n

      Step 2: Add Opening Balance<\/strong><\/h3>\n
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      1. Choose the bank deposit<\/strong> option after clicking on the plus icon<\/strong>.<\/li>\n
      2. You will see the drop-down list in which you have to select the account in which you want to deposit the loan funds<\/strong>.<\/li>\n
      3. You have you enter the deposit date<\/strong>.<\/li>\n
      4. Enter the loan payable account in the account column<\/strong> that is created with the amount.<\/li>\n
      5. You can now save and close<\/strong>.<\/li>\n<\/ol>\n

        Step 3: Loan Payment Record<\/strong><\/h3>\n
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        1. Select the option of a check from the vendors<\/strong> list by clicking on the plus icon.<\/li>\n
        2. Enter the check number<\/strong> if you are sending an original check.<\/li>\n
        3. Enter debit<\/strong> in the check box if you are about to withdraw an amount.<\/li>\n
        4. You can enter the details given below:<\/li>\n<\/ol>\n