How Do Use Loan Manager QuickBooks?
QuickBooks Loan Manager assists you to break down payment schedules and to perform accurate calculations of principle, interests. In other words, we can say that this helps to monitor existing loans, repayment information, and loan options comparisons. Moreover, one can perform what-if outlines to choose better loan options. These calculations regarding amounts can be manually useful in journal entries. If user unable to find the option Loan Manager in QB then they have to dial QuickBooks Support Phone Number to know how to enable this feature .
What Role Of Loan Manager in QuickBooks?
Significance of Loan Manager in QuickBooks:
- It covers the major role of loan management
- It helps to create payment reminders of your interest timely
- The loan manager provides you the accurate knowledge related to installments.
- It permits you to calculate loan estimation and its remaining money that required paying
- This helps you to monitor the existing loan associated with your account.
ReConcileBooks also brings useful tips and complete guide How To Setup Loan QuickBooks in easy steps.
Loan manager inaugurates amortization schedules depending upon the mentioned-below inputs:
- Payment period
- Payment amount
- Origination date
- First payment due
- Escrow payment amount
- Interest rate
- The compound duration
- Fees selected from COA
How To Setup QB Loan Manager
Step-to-step guidance to set-up loan manager:
- Firstly, locate the menu and select banking and loan Manager
- Click and fill entire details on Add a loan
- Discover Account Name list
- Select long-term liability to operate loans
- Choose from the lender drop-down button and click on Payee
- Enter the loan origination date
- After performing the above steps, now choose the available payment mode and enter details related to the interest rate
- Proceed and select the compounding period
- Click and choose the interest Expense amount
- Hit on Finish button appearing on the screen.
Setting Up Escrow Account For QB Loan Manager
What is an escrow account and how to set it up?
Escrow is referred to as a trust account in which some part of a loan is held by third-party/loan organization till the obligations/conditions associated with loans are met. This amount is mainly applicable to pay and track insurance and taxes.
Steps to set-up Escrow:
- Choose Chart of Accounts from Lists appeared in the menu section
- Click on account dropdown and then hit on New
- Select the types of account from other Account types section
- Then click on other current Asset
- Hit continue button which appears on the screen
- Fill the name of the account
- After entering, click on save and Close.
Tracking in QB Loan Manager
How to track loan with loan Manager:
- Setup the records handler before configuring QuickBooks Loan Manager
- Generate a handler to hold the credit record of financial institutions/banks
- Create a note of concealed credit sum including bills, check details, installments or dairy sections
- Frame-up expense sort that exemplifying the fix installments, charges or any existing fees
- If there is any requirement then create one security account.
Support Issues Problem Loan Manager QB Pro, Premier , Enterprise
Well, this blog covers the insights of the loan manager. Meanwhile, if you still feel any difficulty to do any setup or face any technical or functional QuickBooks errors, then call the ReConcileBooks Toll Free +1347-967-4079. The team consists of experts; they have great technical skills to resolve your entire queries efficiently in less time. If you are unable to call You can connect with QuickBooks Live Chat Support team or you can drop an email ReConcileBooks Support with your query. The team surely provide you the best solution within a few hours.