QB Loan Manager Setup
QB Loan Manager Setup

What is Loan Manager In QuickBooks 2020

QuickBooks Loan Manager is the advanced tool that makes an easy to calculate the interest and all payment schedules regarding your organization. This new approach helps you to manage the tracking repayments, new and previous payments and to view the difference, you can run this tool with “What-if” scenarios. Here you get complete information about the QuickBooks Loan Manager. If still using old QB edition then its time to QuickBooks Upgrade 2020 , lets AccountsPro team help you for that .

How To Setup QB Loan Manager

To set up the QuickBooks Loan Manager, you need to perform these methods:

Step 1: To set up a liability QuickBooks account, you need to perform these steps:

  1. Go to the List menu and scroll your click on “Chart of Accounts.”
  2. From the drop-down options, choose your “Account” and click on “New.”
  3. After that, go with Loan click and step forward with “Continue” click.
  4. Then fill the Account Name identity and all required information and press the ENTER key.
  5. Go with the “Enter Opening Balance” click, where you save all the initial record of the loan amount with the origination date.
  6. Then Click on Ok and your all-new changes are updated.

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Create Vendor In QB Loan Manager

Step 2: Make a vendor with these following steps:

For issuing the loan from any bank, you need to make a vendor with these following steps:

  1. Go to the List menu and choose “Chart of Accounts.”
  2. Then scroll your click on “Account” from the drop-down preferences and go forward with a NEW click.
  3. As per requirement, hold your click on “Expense” and click on Continue.
  4. Then enter all the required information such as account name for the interest charges.
  5. Then save & close the running program.

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Recording Loan Payments In QB Desktop Loan Manager

Step 3: Escrow account is very necessary as per the requirement to pay all taxes and insurances with these steps:

  1. After choosing your account, click on “NEW.”
  2. Then scroll your click on “Other Account Types” and “Other Current Asset” and go forward with Continue click.
  3. Then fill all the information and enter your Account name.
  4. Then save and close the processing.

If all the above processing is running with accuracy, then you can easily manage to track your QB loan manager.

To save the record and manage to track your loan, go with these steps:

  • Go to the Banking menu and click on the “Loan manager.”
  • Then go forward with NEXT click and choose NEXT.
  • Then enter all the information regarding your account such as Account names, origination date, lender, original amount and term time limit then click on NEXT.

Then enter your all necessary information regarding loan payment with these following steps:

  • First of all, choose the “Due Date of Next Payment.”
  • Then go with Payment Account, where your every amount will be paid periodically.
  • To make sure about your previous payment, go with Next Payment Number click.
  • Then go with Escrow Payment Account which is applicable to access your Loan information.
  • After all this processing, you have to fill all the required information of Loan and click on finish.

To access your loan, go with “What-if” Scenario tool:

  1. On the open screen of the loan manager, choose “What-if Scenarios” from the bottom options.
  2. Then scroll your click on “Choose a scenario” select the option “How much will I pay with a new loan? Or Evaluate two new loans” from the drop-down preferences.
  3. Then select a loan as per your need from the “Choose a loan” preferences.
  4. Fill all the required information regarding loan criteria and click on Calculate.
  5. Then go with a PRINT option, to get the results.
  6. To complete the processing, go with an OK click.

Can’t Find or Load Loan Manager QB Desktop , Pro,Premier, Enterprise

While setup the QB loan manager, if you stuck anywhere with any step, just call us at 📞 1-800-474-0179. To know more about QuickBooks, send your all queries at AccountsPro team via contact us . If you need any assistance while implementing the above solutions, get in touch with AccountsPro QuickBooks Technical Support experts via the LIVE CHAT link, they find all alternative ways to fix your all issues.

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