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fillgas
Level 1

Deleting loan manager check & reopening loan manager will prompt a confirmation to update the loan liability. Will the payment # and payment schedule be updated?

 
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Best answer March 16, 2020

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Tori B
QuickBooks Team

Deleting loan manager check & reopening loan manager will prompt a confirmation to update the loan liability. Will the payment # and payment schedule be updated?

Hey there, @fillgas

 

Thanks for following up with us. 

 

You're correct. Once the check is deleted outside of the loan manager it will then alert you that the payment is due in the loan manager. It will also alert that changes have been made. 

 

Please let me know if you have further questions or concerns. I'll be sure to keep an eye out for your response. You can always reach out to the Community or me anytime you have questions or concerns. 

 

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8 Comments 8
Anna S
QuickBooks Team

Deleting loan manager check & reopening loan manager will prompt a confirmation to update the loan liability. Will the payment # and payment schedule be updated?

Good afternoon, @fillgas.

 

I hope you're having a great week so far. Allow me to provide some more information about loan liabilities. When you delete a loan check from the loan manager, it requests the update, so it's able to calculate the changes you've made to the loan. This means that the payment number and schedule will be updated when you click confirm on the prompt page. The update may take a few minutes, but then you'll be able to see the changes you've made by deleting the check. You can check out this article about QuickBooks loan manager for more information.

 

Feel free to drop a line below if you have any other questions. Enjoy the rest of your week!

 

 

fillgas
Level 1

Deleting loan manager check & reopening loan manager will prompt a confirmation to update the loan liability. Will the payment # and payment schedule be updated?

Thanks for the reply.

Just to reiterate, I use QB Pro Desktop 2018.

You stated "When you delete a loan check from the loan manager". I do not see a method of deleting a loan check within loan manager. I suspect that you meant that when a loan check is deleted from the register or write checks window, that loan manager when next opened will  prompt me to verify the changes so that loan manager can update accordingly. Correct?

I know that when the interest & principal accounts are slightly adjusted to mirror the bank statement that loan manager when next opened will prompt me to verify & then update. Therefore this situation will be similar. Correct?

 

Tori B
QuickBooks Team

Deleting loan manager check & reopening loan manager will prompt a confirmation to update the loan liability. Will the payment # and payment schedule be updated?

Hey there, @fillgas

 

Thanks for following up with us. 

 

You're correct. Once the check is deleted outside of the loan manager it will then alert you that the payment is due in the loan manager. It will also alert that changes have been made. 

 

Please let me know if you have further questions or concerns. I'll be sure to keep an eye out for your response. You can always reach out to the Community or me anytime you have questions or concerns. 

 

seabreez3
Level 1

Deleting loan manager check & reopening loan manager will prompt a confirmation to update the loan liability. Will the payment # and payment schedule be updated?

Hoping for help.  I was trying to find what happens to a loan payment in loan manager when I select bill instead of write check.  That payment (#25)  was not entered and I can't find it anywhere.  Loan manager now has the next payment queued up (#26). I tried entering #25 manually in the register and also the next three payments (#26 - #28) I used loan manager and selected pay with check so they are in the check register. And now I notice the principle and interest payments for the payments (#26 and beyond) are wrong and the end of the loan has added a large balloon payment to make up for it.  I tried deleting all of the payments (the one I put in manually (#25) and the three I paid by check in loan manager (#26 - #28) from the register but the loan manager did not revert back to the original payment (#25).  It is still advanced to #29 -  the payment after the ones I entered and then subsequently deleted.

MariaSoledadG
QuickBooks Team

Deleting loan manager check & reopening loan manager will prompt a confirmation to update the loan liability. Will the payment # and payment schedule be updated?

Tracking your loan requires you that everything is set up correctly so you'll not encounter any issues along the way, seabreez3.

 

When paying loans, you'll have to create a check instead of a bill. You can follow the steps below to delete a bill:

  1. Open the transaction.
  2. Select the Edit menu, then Delete Bill

Next, make sure that you've set up a liability, vendor, and expense account to make sure that you can track loans. Then, set up an escrow account. This is an asset account that tracks the escrow portion of a loan payment. To do this, you can follow the steps below: 

  1. Go to the Lists menu, then select Chart of Accounts.
  2. Select the Account dropdown, then New.
  3. Select Other Account Types, then Other Current Asset.
  4. Select Continue.
  5. Enter the account name.
  6. Click Save & Close.

Finally, ensure that there are no duplicate check numbers by ticking the box below.

duplicate check.png

Once done, you can now track your loan in QuickBooks Loans Manager. In addition, you can add and match bank transactions in QuickBooks Desktop.

 

Please touch base with us if you have any other concerns about your loan payment. The Community is always here to further assist you anytime.

Scopeland
Level 1

Deleting loan manager check & reopening loan manager will prompt a confirmation to update the loan liability. Will the payment # and payment schedule be updated?

I have this same problem with a balloon payment at the end and one payment missing did you find a solution?

Charies_M
Moderator

Deleting loan manager check & reopening loan manager will prompt a confirmation to update the loan liability. Will the payment # and payment schedule be updated?

I've got a solution for your concern, Scopeland.

 

Missing loan payments can be fixed by running Quick Fix my Program from the QuickBooks Tools Hub. This fixes issues like missing loan payments.

 

Here's how:

  1. Close QuickBooks.
  2. Download the most recent version (1.5.0.0) of the QuickBooks Tool Hub. Save the file somewhere you can easily find it (like your Downloads folder or your Windows desktop).
  3. Open the file you downloaded (QuickBooksToolHub.exe).
  4. Follow the on-screen steps to install and agree to the terms and conditions.
  5. When the install finishes, double-click the icon on your Windows desktop to open the tool hub.

Then, the Quick Fix will shut down any lingering background processes QuickBooks may be using. It will run a quick repair on your program.

  1. In the QuickBooks Tools Hub, select Program Problems
  2. Select Quick Fix my Program.
  3. Open QuickBooks and run Loan Manager or Cash Flow Projector.

For additional troubleshooting options, check out this article and proceed to Solution 2: Loan Manager or Cash Flow Projector is missing after upgrading QuickBooks Desktop.

 

All you need to know about QuickBooks Loan Manager can be found in this article: QuickBooks Loan Manager.

 

If there's anything else that I can help you with loan manager, please let me know in the comment section down below. Have a nice day.

Coutman
Level 1

Deleting loan manager check & reopening loan manager will prompt a confirmation to update the loan liability. Will the payment # and payment schedule be updated?

Not sure if your question was answered, but I just had the issue with accidently deleting a loan manager check/payment. 

To correct and have the payment and payment # and date show up I had to;

1.  Go to the Edit Loan Details button

2.  The Edit Loan screen pops up. I didn't need to change anything on this screen. Hit Next.
3.  Change the due date of next payment back to the payment I deleted. And the next payment number back to the missing payment. Hit Next. 
4.  Nothing to change on the next screen, Hit OK.
5.  The deleted payment showed up.  Go to Set Up Payment and proceed to create your payment.  
6.  Make sure the breakdown is current.  

I hope this helps. It worked for me.


 

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