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SSWap5922
December 1, 2021
Question

Amortization Schedule

  • December 1, 2021
  • 1 reply
  • 0 views

How do you recommend streamlining the process in QBO of tracking accrued interest and receipt of payments against loans made to clients? Can you do it fully in QBO, or do you think you need the help of a third party importer app? And if the latter, do you know if you can import reoccurring transactions into QBO, or do you need to create and manage them all directly and only in the app?

 

My understanding is there's no native nor third party app that both calculates the amortization schedule on loans to clients as well as provides the entries needed to accurately account for accrual of interest receivable and payments according to schedule put against both principal and interest. 

 

Thank you.

1 reply

A
Alex M
December 1, 2021

Hi there SSwap5922,

 

It's vital that all your transactions are being correctly entered so your account balances will be correct. QuickBooks Online is a great tool that allows you to create recurring transactions in order to save you time on the repetitive transactions that appear on a certain schedule. I can provide some information about recurring transactions.

 

There isn't any specific way to keep track of amortization designed in QuickBooks Online, so in order to know how you should be keeping track of these transactions, I recommend speaking to your accountant. They'll be able to tell you which transaction type can keep track of this as well as which accounts to affect. You can invite your accountant to your QuickBooks Online account by navigating to the My accountant tab, and entering their info. You can also find an accountant near you by clicking on the Find a pro to help button.

 

You may be able to find an app that can connect to QuickBooks to keep track of this by navigating to the Apps tab. You can search for different keywords to see the apps associated with it in order to see if there's an app that can help you keep track of your amortization.

 

Recurring transactions would be a good way to keep track of certain payments that appear regularly on your account. They can't be imported in bulk, but you can create them by clicking on the Gear icon, then Recurring transactions. The steps on how to create recurring transactions in QuickBooks Online are included in the article I've linked to this reply.

 

If you have any other questions, feel free to reach out here.

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