Loan Manager in Quick Books Accounting software
Loan Manager is a very important in Quick books Accounting software.
This Loan manager provide a complete schedule of Loan Amortization.
if Your company have a plane to take loan for the company Purposes ,
then this schedule provide a descriptive information that will guide company planner.
Suppose we have taken loan Amount of rupees 1500,000, we will create a liability Bank Account.
Go to List,Chart of Accounts ,
click on new, select Loan Option Account type will be Long Term Liability.
In Account name Write the Bank Name, who Provided Loan also inter the Beginning Balance and then save and close.
also we will create bank Account as a supplier Account.
For Loan manager go to Banking menu click on what if scenarios,
write Borrow Amount of Rs-1500000, Terms Total Months, suppose 60 Months ( five Years Plan) interest Rate 13%. give next Month date , then calculate.
here you should Note monthly Payment Amount. Total Payments and Total Interest Amount. click on Add Loan.
select loan Provider bank A/c in Account Name and Lender.
write the original loan amount which is 1500000 and terms, which is 60 (Months) .
Next Month due date which is due to be pay.
In the Payment Amount write the Monthly installment payment amount (Principle+ Interest ).
interest rate and the Bank Account for payments of installments. Now click on Payments schedule option a complete schedule list will open.