What is QuickBooks Loan Manager & How to Set up it?

QuickBooks Loan Manager establishes loans in QuickBooks depending on the info given on the Long-term Liability & Other Current Liability accounts. The Loan manager enables you to track both Principal and interest without glancing over the amortization tables to evaluate the amounts. You can simply make a call at our toll-free number i.e. 1-800-865-4183 and speak to our experts and certified QuickBooks professionals and get answers to all your queries. Thus, do not hesitate in ringing up anytime, our professionals will be there to help you.
How to Set Up a Loan in QuickBooks?

1. First of all, you have to choose Banking, Loan Manager from the menu.
2. Now, click on Add a Loan and fill in all the required details.
3. From the Account Name drop-down list, choose long-term liability account for the loan.
4. After that, from the Lender drop-down list, choose the Payee.
5. Fill up the loan Origination Date.
6. Next, from the Terms list, you have to choose Weeks, Months, or Years and Click on Next.
7. Choose a Payment Method and fill in the Interest rate.
8. After that, choose a Compounding Period.
9. From the Payment Account list, you have to select a bank account.

10. Now, select the Interest Expense Account. Click on Finish.
Step 1: Set-up a Liability Account
To record loan later while choosing an account:

1. First go to the list’s menu and then open Charts of Accounts (COA)
2. Now click on the Account drop down and choose New tab
3. After this click on Loan and then select the Continue tab
4. You have to now fill in the field of Account Name and then click on Enter Opening Balance
5. Click on OK and after that Save & Close.

Step 2: Create a Vendor
To enter the name of the bank or financial institution that has issued the loan:

1. In the Vendor Menu click on Vendors Centers and then select the option New Vendor
2. After that provide all required details and then click on OK button.

Step 3: Set-up an expense account
To keep a track of the interest payments or fees and chars:

1. First go to Lists and then open Charts of Accounts (COA)
2. Now click on Account drop down and then select New
3. After this tap on Expense and then choose Continue
4. Fill up the account name for the interest payments or fees and charges
5. Finally click on Save and close.

Prepare to track loans in loan manager:
Before utilizing QuickBooks Loan Manager, you need to set up the side by side records and handler in QuickBooks Desktop.

• Make a handler for the Bank or Financial Institution issuing the credit, if none as of now exist
• Record the underlying credit sum as an opening equalization (utilizing New Account window) or as an exchange like diary passage, also try to utilize the credit start date. On the off chance that instalments have just been made against the advance, now you have to enter these as checks, bills or dairy sections.
• Set up an Expense sort represent fix instalments and Fees and charges, if none as of now exist.
• Make a security account if fundamental.

To set up QuickBooks loan manager you have to select banking and click on add a loan. Read the blog to know the steps to set up a loan manager in QB. Follow the Steps Shown above hope so, you will have no problems and if you are still facing problems then you may dial our QB Support Phone Number +1-800-865-4183.

Source: https://accountingexperts.bcz.com/2020/05/15/what-is-quickbooks-loan-manager-how-to-set-up-it/