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Loan Tracking in Quickbooks...

 
 
Mark Essex
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      03-04-2004, 01:36 PM
This may be a stupid question, but I can't seem to find any information on
this. Probably looking in the wrong place.

Anyway, I have a loan that I am paying a fixed monthly payment on, over 7
years, at a fixed interest rate. I thought quickbooks would allow me to put
in the starting amount, term, and interest rate on the loan, amortitize it
out, and then when I applied the fixed monthly payments to it, I would have
a true 'balance' showing. Right now, when I apply the payment, it is
applying the full amount to principle on the loan, thus throwing off my
balance and true picture of my companies financial situation. The statement
I receive each month from the loan company doesn't have the interest vs.
principle breakdown, so I can't easily enter that. I can figure it out, but
thought QB would do that for me. I think Quicken does it - shouldn't
Quickbooks?

Any thoughts on what my options are.

THanks,
Mark


 
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_
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      03-04-2004, 03:28 PM
QB does not have that feature, nor do the competing products that I have experience with. Quicken is a different type of program.


"Mark Essex" <> wrote in message news:%fG1c.13589$. ..
> This may be a stupid question, but I can't seem to find any information on
> this. Probably looking in the wrong place.
>
> Anyway, I have a loan that I am paying a fixed monthly payment on, over 7
> years, at a fixed interest rate. I thought quickbooks would allow me to put
> in the starting amount, term, and interest rate on the loan, amortitize it
> out, and then when I applied the fixed monthly payments to it, I would have
> a true 'balance' showing. Right now, when I apply the payment, it is
> applying the full amount to principle on the loan, thus throwing off my
> balance and true picture of my companies financial situation. The statement
> I receive each month from the loan company doesn't have the interest vs.
> principle breakdown, so I can't easily enter that. I can figure it out, but
> thought QB would do that for me. I think Quicken does it - shouldn't
> Quickbooks?
>
> Any thoughts on what my options are.
>
> THanks,
> Mark
>
>

 
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Lisa Chambers
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      03-04-2004, 03:51 PM
"Mark Essex" <> wrote in message
news:%fG1c.13589$. ..
> This may be a stupid question, but I can't seem to find any information on
> this. Probably looking in the wrong place.
>
> Anyway, I have a loan that I am paying a fixed monthly payment on, over 7
> years, at a fixed interest rate. I thought quickbooks would allow me to

put
> in the starting amount, term, and interest rate on the loan, amortitize it
> out, and then when I applied the fixed monthly payments to it, I would

have
> a true 'balance' showing. Right now, when I apply the payment, it is
> applying the full amount to principle on the loan, thus throwing off my
> balance and true picture of my companies financial situation. The

statement
> I receive each month from the loan company doesn't have the interest vs.
> principle breakdown, so I can't easily enter that. I can figure it out,

but
> thought QB would do that for me. I think Quicken does it - shouldn't
> Quickbooks?
>
> Any thoughts on what my options are.
>
> THanks,
> Mark
>
>

Quicken is a personal finance program, and does loan tracking.
QuickBooks is an accounting program. Loan tracking is just one of many
niceties that QB does not offer.

Your options are:
1) Create a 'split' payment, showing principle and interest, and updating
the split information regularly.
2) Use one or more general ledger entries to post the interest and update
the principle loan balance.

Amortization calculators are available on the web to help you with this
(altho many sites are bloated with pop-ups and will link to various lenders
and application forms). Here is one I used Monday (though I had to cut and
paste to word in order to print a readable copy).
http://www.tcalc.com/tvwww.dll?CalcLoan


 
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Allan Martin
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      03-04-2004, 04:20 PM
Loan manager is a new feature in QB 2004. It handles loans quite nicely.




"_" <> wrote in message
news:bXH1c.17286$. ..
QB does not have that feature, nor do the competing products that I have
experience with. Quicken is a different type of program.


"Mark Essex" <> wrote in message
news:%fG1c.13589$. ..
> This may be a stupid question, but I can't seem to find any information on
> this. Probably looking in the wrong place.
>
> Anyway, I have a loan that I am paying a fixed monthly payment on, over 7
> years, at a fixed interest rate. I thought quickbooks would allow me to

put
> in the starting amount, term, and interest rate on the loan, amortitize it
> out, and then when I applied the fixed monthly payments to it, I would

have
> a true 'balance' showing. Right now, when I apply the payment, it is
> applying the full amount to principle on the loan, thus throwing off my
> balance and true picture of my companies financial situation. The

statement
> I receive each month from the loan company doesn't have the interest vs.
> principle breakdown, so I can't easily enter that. I can figure it out,

but
> thought QB would do that for me. I think Quicken does it - shouldn't
> Quickbooks?
>
> Any thoughts on what my options are.
>
> THanks,
> Mark
>
>



 
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Allan Martin
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      03-04-2004, 04:21 PM
Upgrading to version 2004 will also solve the OP's problem. It has a new
feature called loan manager.





"Lisa Chambers" <> wrote in message
news:8gI1c.5499$ t...
> "Mark Essex" <> wrote in message
> news:%fG1c.13589$. ..
> > This may be a stupid question, but I can't seem to find any information

on
> > this. Probably looking in the wrong place.
> >
> > Anyway, I have a loan that I am paying a fixed monthly payment on, over

7
> > years, at a fixed interest rate. I thought quickbooks would allow me to

> put
> > in the starting amount, term, and interest rate on the loan, amortitize

it
> > out, and then when I applied the fixed monthly payments to it, I would

> have
> > a true 'balance' showing. Right now, when I apply the payment, it is
> > applying the full amount to principle on the loan, thus throwing off my
> > balance and true picture of my companies financial situation. The

> statement
> > I receive each month from the loan company doesn't have the interest vs.
> > principle breakdown, so I can't easily enter that. I can figure it out,

> but
> > thought QB would do that for me. I think Quicken does it - shouldn't
> > Quickbooks?
> >
> > Any thoughts on what my options are.
> >
> > THanks,
> > Mark
> >
> >

> Quicken is a personal finance program, and does loan tracking.
> QuickBooks is an accounting program. Loan tracking is just one of many
> niceties that QB does not offer.
>
> Your options are:
> 1) Create a 'split' payment, showing principle and interest, and updating
> the split information regularly.
> 2) Use one or more general ledger entries to post the interest and update
> the principle loan balance.
>
> Amortization calculators are available on the web to help you with this
> (altho many sites are bloated with pop-ups and will link to various

lenders
> and application forms). Here is one I used Monday (though I had to cut and
> paste to word in order to print a readable copy).
> http://www.tcalc.com/tvwww.dll?CalcLoan
>
>



 
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Mark Essex
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      03-04-2004, 04:43 PM
Thank you for the update. I just wanted to make sure I wasn't just missing
it. I understand that Quicken is different than Quickbooks, but I just
figured loans are a BASIC part of any business. Glad to hear QB 2004 has
it. I guess that is a way for Intuit to get us to upgrade all the time.
Not sure I am going to pay another $100+ just for the Loan Manager. For
now, I am just going to enter it manually on the ledger. Just didn't want
to do that if I didn't have to.

Thank you everyone for your input...

Mark

"Allan Martin" <> wrote in message
news:5II1c.5706$ t...
> Upgrading to version 2004 will also solve the OP's problem. It has a new
> feature called loan manager.
>
>
>
>
>
> "Lisa Chambers" <> wrote in message
> news:8gI1c.5499$ t...
> > "Mark Essex" <> wrote in message
> > news:%fG1c.13589$. ..
> > > This may be a stupid question, but I can't seem to find any

information
> on
> > > this. Probably looking in the wrong place.
> > >
> > > Anyway, I have a loan that I am paying a fixed monthly payment on,

over
> 7
> > > years, at a fixed interest rate. I thought quickbooks would allow me

to
> > put
> > > in the starting amount, term, and interest rate on the loan,

amortitize
> it
> > > out, and then when I applied the fixed monthly payments to it, I would

> > have
> > > a true 'balance' showing. Right now, when I apply the payment, it is
> > > applying the full amount to principle on the loan, thus throwing off

my
> > > balance and true picture of my companies financial situation. The

> > statement
> > > I receive each month from the loan company doesn't have the interest

vs.
> > > principle breakdown, so I can't easily enter that. I can figure it

out,
> > but
> > > thought QB would do that for me. I think Quicken does it - shouldn't
> > > Quickbooks?
> > >
> > > Any thoughts on what my options are.
> > >
> > > THanks,
> > > Mark
> > >
> > >

> > Quicken is a personal finance program, and does loan tracking.
> > QuickBooks is an accounting program. Loan tracking is just one of many
> > niceties that QB does not offer.
> >
> > Your options are:
> > 1) Create a 'split' payment, showing principle and interest, and

updating
> > the split information regularly.
> > 2) Use one or more general ledger entries to post the interest and

update
> > the principle loan balance.
> >
> > Amortization calculators are available on the web to help you with this
> > (altho many sites are bloated with pop-ups and will link to various

> lenders
> > and application forms). Here is one I used Monday (though I had to cut

and
> > paste to word in order to print a readable copy).
> > http://www.tcalc.com/tvwww.dll?CalcLoan
> >
> >

>
>



 
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Tee
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      03-04-2004, 05:49 PM
"Mark Essex" <> wrote in message
news:%fG1c.13589$. ..
> This may be a stupid question, but I can't seem to find any information on
> this. Probably looking in the wrong place.
>
> Anyway, I have a loan that I am paying a fixed monthly payment on, over 7
> years, at a fixed interest rate. I thought quickbooks would allow me to

put
> in the starting amount, term, and interest rate on the loan, amortitize it
> out, and then when I applied the fixed monthly payments to it, I would

have
> a true 'balance' showing. Right now, when I apply the payment, it is
> applying the full amount to principle on the loan, thus throwing off my
> balance and true picture of my companies financial situation. The

statement
> I receive each month from the loan company doesn't have the interest vs.
> principle breakdown, so I can't easily enter that. I can figure it out,

but
> thought QB would do that for me. I think Quicken does it - shouldn't
> Quickbooks?
>
> Any thoughts on what my options are.


Why can't you make a JE with the loan amount going to liabilities? Create a
bill, detailing the principal & interest amounts, memorize the bill to
repeat monthly and enter the number of payments you have left (since your
amounts are fixed). Each time you make a payment, the liability will
decrease.

--
Tara


 
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Angela Thornton
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      03-04-2004, 07:07 PM
"Lisa Chambers" <> wrote in message news:<8gI1c.5499$ et>...
> "Mark Essex" <> wrote in message
> news:%fG1c.13589$. ..
> > This may be a stupid question, but I can't seem to find any information on
> > this. Probably looking in the wrong place.
> >
> > Anyway, I have a loan that I am paying a fixed monthly payment on, over 7
> > years, at a fixed interest rate. I thought quickbooks would allow me to

> put
> > in the starting amount, term, and interest rate on the loan, amortitize it
> > out, and then when I applied the fixed monthly payments to it, I would

> have
> > a true 'balance' showing. Right now, when I apply the payment, it is
> > applying the full amount to principle on the loan, thus throwing off my
> > balance and true picture of my companies financial situation. The

> statement
> > I receive each month from the loan company doesn't have the interest vs.
> > principle breakdown, so I can't easily enter that. I can figure it out,

> but
> > thought QB would do that for me. I think Quicken does it - shouldn't
> > Quickbooks?
> >
> > Any thoughts on what my options are.
> >
> > THanks,
> > Mark
> >
> >

> Quicken is a personal finance program, and does loan tracking.
> QuickBooks is an accounting program. Loan tracking is just one of many
> niceties that QB does not offer.
>
> Your options are:
> 1) Create a 'split' payment, showing principle and interest, and updating
> the split information regularly.
> 2) Use one or more general ledger entries to post the interest and update
> the principle loan balance.
>
> Amortization calculators are available on the web to help you with this
> (altho many sites are bloated with pop-ups and will link to various lenders
> and application forms). Here is one I used Monday (though I had to cut and
> paste to word in order to print a readable copy).
> http://www.tcalc.com/tvwww.dll?CalcLoan


I use this one:
http://www.hughchou.org/calc/genloan.cgi

A
 
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Joyce C.
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      03-06-2004, 12:12 AM
Technically, loan payments should not be run through your accounts
payable account. Use the Write Checks to make the check out. Split out
the interest and principal there. If you have the automatically
recall last transaction for this name, it will bring up a copy of the
check each month and you can change the interest and principal splits
and record.
 
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      08-09-2012, 02:10 AM
Try searching for LoanAssistant. The soft is real time QuickBooks integrated with many nice features.
 
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