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T
TBSParkin2011
April 4, 2024
Question

Interest Bearing Employee Loan

  • April 4, 2024
  • 1 reply
  • 0 views

I have employee loans set up correctly in my QuickBooks for the giving of the loan and for making the payments by payroll deduction.  This works great.  I may need to start collecting Interest on the loans.  If make the loan and give an amortization spreadsheet with the loan, I can add the Interest at the end of each year based off of the spreadsheet amounts.  However if the loan doesn't last a year I would have to keep an eye on it to make sure I add the Interest in before the loan payments are finished.  Is there a way to set up this kind of Interest bearing loan in QuickBooks so that the Interest is calculated weekly with the payments?  I do understand that the Interest would be considered income for the company.  I use QuickBooks Enterprise for Desktop.  Thank you for your time and consideration.  

1 reply

S
SheandL
April 4, 2024

This ability is unavailable in QuickBooks Desktop, TBSParkin2011.

 

Currently, setting up an interest-bearing loan where the interest is calculated weekly with payment is inaccessible in QBDT. I can see the importance of having this capability within the program. With that, I recommend sending a product request to our engineering team so they may consider adding this functionality in the upcoming updates. To send one, here's how:

 

  1. Open your QBDT program.
  2. Click the Help option, then select the Send Feedback Online option.
  3. Toggle to the Product Suggestion and a pop-up window will display.
  4. Write brief suggestions for your feedback.
  5. Hit the Send Feedback button to send.

 

Moreover, you can read this article to learn more about creating a pay advance for your employees: Set up and repay employee advances.

 

I'll always have your back if you have further questions about setting up an interest-bearing employee loan in QBDT. Don't forget to click the reply button if you have one.

    T
    TBSParkin2011Author
    April 5, 2024

    Thank you for taking the time to respond.  I have submitted the suggestion and hopefully this feature will be added.

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