Setting up simple-interest loan accounts
Can Quickbooks Online allow us to create individual loan accounts according to the following terms, and then populate them with historic data as we migrate those data into the new accounts?
For the past 55 years, my father's business has been making simple interest loans to individuals who buy real estate from him. Since the early 90's, we've been tracking these loans through various spreadsheet programs. Since about 2004, we've used MS-EXCEL-2003 spreadsheet templates that we've recently migrated into Google Sheets. However, my wife believes that these accounts could be managed better through Quickbooks Online to reduce work and help eliminate mistakes. Most of the business is now being tracked in Quickbooks Online; however, we're still managing the loan accounts in Google Sheets.
Our loans record starting balances and dates. Interest is accrued daily at the rate of 10% per year on the remaining principal balances at the time of any transaction, e.g., payments, property tax bills, additions to the loans for property improvements such as wells, septic systems, etc. We set scheduled monthly payments of 1% of each starting balance. We post charges for late payments. There are no pre-payment penalties. If improvements are made to the property, then the scheduled payments are increased by 1% of the costs of those improvements. (This particular scheme of interest and payment amounts amortizes out to roughly 17.9 years if all payments are made on time.)
If this can be done, where do we go to learn how to set everything up?