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I lend on land I sell and have over 100 loans. I am currently using Quicken because it has an option to set up a loan as the lender and figures out the interest for each payment that is made.
Can I do this with Quickbooks Pro desktop where it will automatically calculate interest and is easy to set up a loan I am lending on?
Let me show you how to track loans in QuickBooks Desktop, Prime Florida.
The first thing we need to do is set up an account to track the loan and its repayment. Please follow these steps:
Then, we'll have to issue a check for the loan. Select the account used to fund the loan and the account you use to track it.
Also, QuickBooks Desktop does not calculate interest automatically. You can create a service item to track it using an Interest Income account.
For the payments, we can issue an invoice and add the interest item on the second line. Once your client pays you, let's record an invoice payment. You can also set up a recurring invoice for your customer for monthly payments.
Post again here if you need anything else. We'll respond as soon as we can.
If Quickbooks Desktop can't figure out the interest than this program is no use to me.
If Quickbooks desktop cannot figure out the interest than this program is no use to me.