Loan Tracking in Quickbooks...

Discussion in 'Quickbooks' started by Mark Essex, Mar 4, 2004.

  1. Mark Essex

    Mark Essex Guest

    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
     
    Mark Essex, Mar 4, 2004
    #1
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  2. Mark Essex

    _ Guest

    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
    >
    >
     
    _, Mar 4, 2004
    #2
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  3. "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
     
    Lisa Chambers, Mar 4, 2004
    #3
  4. Mark Essex

    Allan Martin Guest

    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
    >
    >
     
    Allan Martin, Mar 4, 2004
    #4
  5. Mark Essex

    Allan Martin Guest

    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$...
    > "Mark Essex" <> wrote in message
    > news:%fG1c.13589$...
    > > 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
    >
    >
     
    Allan Martin, Mar 4, 2004
    #5
  6. Mark Essex

    Mark Essex Guest

    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$...
    > Upgrading to version 2004 will also solve the OP's problem. It has a new
    > feature called loan manager.
    >
    >
    >
    >
    >
    > "Lisa Chambers" <> wrote in message
    > news:8gI1c.5499$...
    > > "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
    > >
    > >

    >
    >
     
    Mark Essex, Mar 4, 2004
    #6
  7. Mark Essex

    Tee Guest

    "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
     
    Tee, Mar 4, 2004
    #7
  8. "Lisa Chambers" <> wrote in message news:<8gI1c.5499$>...
    > "Mark Essex" <> wrote in message
    > news:%fG1c.13589$...
    > > 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
     
    Angela Thornton, Mar 4, 2004
    #8
  9. Mark Essex

    Joyce C. Guest

    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.
     
    Joyce C., Mar 6, 2004
    #9
  10. Mark Essex

    CPAboss

    Joined:
    Jun 5, 2012
    Messages:
    2
    Try searching for LoanAssistant. The soft is real time QuickBooks integrated with many nice features.
     
    CPAboss, Aug 9, 2012
    #10
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