last payment to a loan in Loan Manager

I can provide a way to handle an overpayment and bank reimbursement in QuickBooks Desktop, Luna1383.

We can use the What if Scenarios tool to zero out the balance from the Loan Manager. Follow the steps below:

1. Go to the Banking menu, then select Loan Manager.
2. Click the What If Scenarios tab.
3. In the Choose a scenario dropdown, pick What if I change my payment amount?
4. Determine the correct loan account and fill out the fields as needed.
5. On the Payment amount, enter $482.27.
6. Tap OK.

Once done, create a bank deposit for the overpayment ($91.89) affecting the Income account. Refer to this article for complete details: Record and make bank deposits in QuickBooks Desktop.

Furthermore, it's always best to consult your accountant regarding these entries. They can guide you through the proper accounting for the book's accuracy. If you don't have one, you can visit our Resource Center.

Bookmark this reference for future guidance in effectively matching your accounts: Reconcile an account in QuickBooks Desktop.

Feel at ease to get back to this thread if there's anything else you need with registering the loan overpayment and refund. I'm determined to help you further.

I forgot to mention that the payment of $574.16 made in July has already been debited from my bank account, so I need to record the payment to complete my bank reconciliation. My apologies, I had already done this before receiving your response (I’m attaching photos of what I did).

As a result, the loan manager is now showing a balance of -$38.23. I tried to follow the steps you provided in your response, but once I enter the amount of $482.27 in the 'What if scenarios,' it doesn’t make any changes. When I select the loan under 'Choose a loan,' the loan in question no longer appears for adjustments, although the loan information is still visible, as shown in one of the attached photos.

When I made the payment through the loan manager using 'Set up a payment,' this is how it turned out (I’m attaching a photo of the payment). I allocated the $91.89 difference to 'Bank charges' (debit) in the check.

After I record the refund (deposit) of $91.89 in August, I plan to credit 'Bank charges' and debit 'Bank.'

Could you please assist me with this? Is it okay to leave it as is, or do I need to make any changes? If a change is needed, could you guide me on how to make it? How can I remove the -$38.23 showing in the loan manager for this loan, which has already been paid, so that it reflects a balance of zero? Thank you very much for your help.

Hey there, @Luna1383. 

Thanks for reaching back out. 

With the details you gave, I recommend reviewing this over with your accountant to be sure of how this needs to be properly recorded. They'll be able to give you the best advice for you business. 

If you have any other questions, don't hesitate to ask. Bye for now!