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Loan Manager: Error: You cannot add a new loan at this time

When attempting to add a new loan in Loan Manager, you receive the following error:

You cannot add a new loan at this time. Close the Loan Manager, then add a new long term liability or other current liability account for the loan.

Why this is happening

 

  • You do not have Long Term Liability or Other Current Liability accounts.
  • You need to resort your Chart of Accounts.
How to fix it
  1. If you do not have an existing liability account, create a new Long Term Liability account or Other Current Liability account:
    1. Open the Chart of Accounts from Lists > Chart of Accounts.
    2. From the bottom left, click Account > New.
    3. Choose Other Account Types.
    4. Select Other Current Liability.
    5. Click Continue.
    6. Assign an appropriate name for the account.
    7. Click Save and close.
       
  2. Go to Lists > Chart of Accounts > Account > Resort List.
  3. Close and reopen QuickBooks.
  4. Create your new loan in Loan Manager.

 

 

KB ID# SLN75716
12/10/2016 2:43:35 AM
QYPPRDQBKSWS07 9138 Pro 2017 5718f4