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What you need before adding a loan to the Loan Manager

Before adding loans to the Loan Manager, you'll need to gather your loan information.

For a new loan

  • Set up a liability account for the loan in QuickBooks. When you add the account and lender details, include any information you want the Loan Manager to use for tracking, such as the account number and lender contact information. This information can be found on your loan documents. Be sure that you enter the correct opening balance for the account. Otherwise, you will not be able to set up payments from the loan manager.

  • Set up an expense account for tracking the loan interest.

  • If you need to make escrow payments to the loan, set up an escrow account for them.

  • Make sure all transactions for the loan liability and interest accounts are up to date.

For an existing loan

  • Make sure all transactions for the loan liability and interest accounts are up to date.

  • Check to see that you have entered the loan details you want the Loan Manager to use for tracking, such as the account number and lender contact information. This information can be found on your loan documents.

When you're ready to add a loan to the Loan Manager, have your loan documents in hand. You'll need them for the origination date, payment amount, term, escrow amount (if any), interest rate, and other information.

KB ID# H_LOAN_INFO_GATHER_INFO_BEFORE_ADD_LOAN_TO_MANAGER
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