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Level 1

move in progress loans, with no interest into QB desktop

I'm moving into QB from an older, GL style program.  A large # of the records were done on paper instead of using the program and the COA.  I have 4, 0% loans at various ages, (some have less than a year left, others have just started and are 24 or 36 months) that I want to track in the loan manager, or something similar.  QB Desktop Premier Contractor Edition.  

 

Think simple amortization/loan payment spreadsheet. My primary goal is for the balance still due to properly reflect on the Balance sheet as a long term liability, the monthly payments to reduce that liability correctly, and to be able to run a report on each loan at any time and tell get an accurate display of the payments made (since moving to QB) the remaining payments left and so on.  If possible I'd also like to be able to run a single report that shows all the loans at the same time as well. 

 

To add some context and complexity, the person before me used basically a "write checks" type entry to record the payments and coded the check to 2 different accounts on the COA.  I have no idea why there are 2, or what she used to determine which it belonged in.  So the old system recorded it to the liability account when the check was written. The "spreadsheet" for the total loan, the payments made, and the remaining is a literal paper ledger.  That is the only way to get any history on an individual loan. 

For the last few months the AP person has been entering monthly bills, and bill payment checks.  So the bill as a whole is coded to AP, the "Expense" line in the bill has been the other current Liability account my predecessor coded the checks to. 

 

So with this information, here is my question.  What is the simplest way to move this data (recode "bills" &/or checks if needed?) in QB to be able to track the loan within QB instead on an external ledger and show at least the remaining balance and payments due, as well as include the last 2-3 month's worth of history?   

Note, all the vendors are set up already, since we have been making the payments. 

 

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QuickBooks Team

move in progress loans, with no interest into QB desktop

I've got a couple of info and steps to ensure you can manage the said data in QuickBooks Desktop (QBDT), @Kehn Construction.

 

You can import your vendor and chart of accounts lists, checks, and other transactions from your paper ledger using an Excel or CSV format (hey're simple text files containing tabular data) into QBDT .First, you'll need to manually enter your data somewhere else like an Excel spreadsheet.

For more info, please check out this article: Lists and transactions you can export in QBDT.

 

To import a list in the CSV format, you'll have to install the QuickBooks Import Excel and CSV toolkit. The toolkit contains the following:

 

  • Import from Excel and CSV Manual – a PDF document with instructions, best practices, and notes.
  • CSV Examples Folder – 4 sample CSV files, one for each type of list.
  • XLS Example Folder – a sample Excel file containing 4 worksheets, one for each type of list.
  • Allowed fields – a reference guide explaining what fields are available for Excel and CSV import.

Once ready, here's how to proceed:

 

  1. Open the file download window for the toolkit, and then select Save.
  2. Go to your Windows Desktop, and then click Save.
  3. Double-click QuickBooks_Import_Excel_and_CSV.exe on your Windows desktop to open the WinZip Self-Extractor window.
  4. Choose Browse, select the folder where you want to install the toolkit (such as your Desktop), then OK.
  5. Select Unzip to extract the contents, and then choose Close to close the WinZip Self-Extractor window.
  6. Open the QuickBooks Import Excel and CSV folder from the location you selected in Step 4.

For more details, please review this resource: Import CSV files.

To import your entries though Excel, please refer to this article for the steps: Import/Export Excel files.

 

Once successful, you can begin tracking your loans using the QuickBooks Loan Manager. First, you'll need to set up a liability, vendor, and expense account. Then, record and track them using Step 2 in this article: Use QuickBooks Loan Manager.

 

To review your loan details, please go to the Summary tab of your QuickBooks Loan Manager. With regards to the accounts to use, I recommend consulting an accountant for the best advice since every business has a unique set up.

 

For good practice, I suggest backing up your company files. This way, you can restore them anytime in case of accidental data loss.

 

Fill me in if you have more questions about managing your data in QBDT. I'd be glad to help you some more. Take care and stay safe always.

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Level 1

move in progress loans, with no interest into QB desktop

LOL, I think a fundamental part of my post was missed, misunderstood, or misleadingly stated. 

 

1. The history ledgers for the loans are literally on PAPER.  I'm good but exporting a handwritten ledger from paper to a CSV file can't be done.  I would still have to manually record it somewhere first.  The "checks" written in the old program can not be exported, that program doesn't have any type of report that could be used and filtered to find the transactions, nor does it support exports, part of the reason I'm moving away from it. 

2. The COA already has the long term liability accounts and vendor accounts set up. (2 COA & 4 vendors that apply to these transactions and I can't tell the difference of the COA's other than the name) I wasn't asking which one to use.  For now, I'll keep each loan in the same COA it was coded to in the old program to make year-end easier for the CPA.  

My questions are setting up the loans in the loan manager, you gave me an article and I will review it. And How to best recode the 2-3 month's worth of payments that were made in QB, coded to the correct COA, but not currently tracking against the actual loans, as the loan manager was not set up yet. 

 

For now, I'll go through the loan manager article you sent and see if that gets me far enough along to answer my questions.  If not I'll reply to this thread will more specific questions. 

 

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