QuickBooks Loan Manager is an efficient feature which is provided by QuickBooks, and it traces loans, principal installments for a specific period and repayments with compound interest. Whenever the users make a payment, the interest would slowly decrease, and the amount going to principal would increase. This QuickBooks Loan Manager produces the amortization program for the loan time duration. This would then give the portion of each payment, which applies to interest, escrow, and principal. The Loan Manager software would help you make regularly scheduled payment amount due or additional fees. The users can easily connect with QuickBooks customer care number, where they would in-depth knowledge about the feature of QuickBooks Load Manager. Even by going through this blog, the users would get the required information on how to record loan payment in QuickBooks.
How to track loans in loan manager?
Before the users use the QuickBooks Loan Manager software, they would have to set the handler and side by side QuickBooks Desktop:
- The users would have to create a handler for the Financial Institution and then the Bank, which is issuing the credit.
- Then as an opening equalization, you would have to track or even record the underlying credit sum. This would then be exchanged as a dairy passage, and you can also credit the start date.
- Form fees, charges, and expenses type represent fix installments if nothing exists.
- If you have a primary account, then you would have to create a security account.
How to track Payments in QuickBooks Loan Manager?
If you wish to learn to track payments in QuickBooks Loan manager, then the steps which you would have to process is as given below:
- In the Banking Menu bar which is provided, choose the option of Loan Manager.
- Then you would have to select the Add Loan Option.
- Now enter the information of the account and then click on the Next button.
- Further, mention the Name for which the loan account that you have already set up.
- You would now have to have choose credit as the type of record which you are adding and then proceed further.
- Click on the option of Save and then close the window.
- You would have to mention and also record the next advance in QuickBooks software, and the total dollar would include to the Note Payable record.
- If you wish to add the credit in the ‘Advanced Manager’ you can then currently prepare for this component in QuickBooks. You must also go to ‘Keeping Money’ drop-down menu bar, which is located over the best bar.
The users can also at times promptly connect with QuickBooks tech support. This service would efficiently help the users with any assistance that would be required while working on QuickBooks Loan Manager. This service is effective and highly efficient and would also ensure that the users get complete satisfaction against the issue any issue which they might come across.