Setting Up a New Loan in QuickBooks

by Laura Madeira | April 19, 2013 9:00 am

To use QuickBooks to track your recurring loan payment, follow these steps:

1. From the menu bar, select Banking, Loan Manager.
2. Click Add a Loan and complete the information as displayed here:
   [1]

   Complete the account information for the loan.

3. In the Account Name drop-down list, select the long-term liability account for the loan.
4. In the Lender drop-down list, select the payee.
5. Enter the loan Origination Date.
6. In the Terms drop-down list, select Weeks, Months, or Years. Click Next.
7. Enter the Due Date of Next Payment, Payment Amount, and optionally, Next Payment.
8. Select the Payment Period.
9. (Optional) Choose Yes or No to making an escrow payment and complete the fields for Escrow Payment Amount and Escrow Payment Account.
10. (Optional) Select the box to be alerted 10 days before the payment is due. Click Next.
11. Enter the Interest Rate and select a Compounding Period.
12. Choose a bank account from the Payment Account drop-down list.
13. Choose the Interest Expense Account and the account for Fees and Charges.
14. Click Finish. QuickBooks displays information in the Loan Manager about the newly created loan, as shown here:
    [2]

    Use the Loan Manager to track long-term loan details.

 

From Laura Madeira’s QuickBooks 2013 In Depth[3]

Source URL: http://www.quick-training.info/2013/04/19/setting-up-a-new-loan-in-quickbooks/

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