I’ll address each of your concerns so you can track loans accurately in QuickBooks, @tapelady.
Yes, the QuickBooks Loan Manager feature was discontinued in QuickBooks Desktop 2022. It’s only available in previous, currently supported versions.
You’ll want to set up an Interest or Expense account. This way, you can track interest payments and charges. To do so, please follow these steps:
- Go to the Lists menu, then select Chart of Accounts.
- Right-click anywhere, then click New.
- Select Expense, then Continue.
- Enter the account name (Interest).
- Press Save & Close.
You can contact your accountant if you need help in choosing the appropriate account to use.
You’re correct. You’ll need to write a check to enter the payments. QuickBooks records them for the principal amount as a deduction to the liability account. Once you complete the payments, the amount of the liability account will turn to zero. The program also records the interest payment as a company expense.
There’s no need to enter the interest rate. After selecting the interest expense account on the second line of the check, you enter the payment for the loan interest.
For complete instructions, check out this guide: Manually track loans in QuickBooks Desktop.
If you want QuickBooks to automatically enter the payment for you in the future, you can memorize the transactions.
If you have any other questions or concerns besides tracking loans, don’t hold back to drop a comment below. The Community team is always here to help you out. Keep safe!
