Loan for an asset sold

It's great that you're looking to set up the loan in Quickbooks Desktop Pro Plus 2022 to keep track of the payments and amortization. Since Loan Manager has been discontinued, you can still manually set up the loan in Quickbooks by creating a liability account for the loan and then recording the loan payments as they come in. Don't worry. I'm here to guide you, @wbsherlock1.

To set up the loan, you can create a liability account for the loan amount and then set up a recurring payment for the monthly installment. When the individual makes a payment, you can record it as a deposit and allocate the amount to the liability account for the loan.

To track the additional principal payments, you can manually adjust the loan balance in the liability account when the individual makes extra payments. 

Here's how to create an asset account.

1. Go to the Lists menu, then select Chart of Accounts.
2. Right-click anywhere, then select New.
3. Select the account type for your non-cash loan:

• Fixed Asset: Use this for items that have useful value for more than a year (vehicles, buildings, and so on)
• Other Current Asset: Use this for items with value that can be converted to cash (like prepaid expenses)
• Other Asset: Use this for items that are neither Fixed Assets nor Other Current Assets.

1. Select Continue.
2. Enter the name and number of the account.
3. When you’re done, select Save & Close.

Next, enter a journal entry. Follow the steps below:

1. Go to the Company menu, then select Make General Journal Entries.
2. Enter the Date and journal Entry No.
3. Select the first line and debit the loan asset account.
4. Select the second line and credit the liability account.
5. Select Save & Close.

Furthermore, In QuickBooks, the payment for the principal amount is recorded as a reduction in the liability account. When all the payments are completed, the value of the liability account will be zero. The interest payment is recorded in QuickBooks as an expense for the company.

To record loan payments:

1. Go to the Banking menu, then select Write Checks.
2. Select the Bank Account you want to use to pay the loan.
3. Verify the Check NO. and Date.
4. In the Pay to the Order field, select the name of the bank.
5. In the Expenses tab:
   1. On the first line, select the liability account you created in Step 1. Then enter the payment for the principal amount.
   2. On the second line, select the interest expense account. Then enter the payment for the loan interest.
6. (Optional) Memorize the check if you want QuickBooks to automatically enter the payment at regular intervals.
   1. Select Memorize.
   2. Fill out the fields as needed.
   3. Select OK.
7. When you’re done, select Save & Close.

You can also create journal entries to account for the reduction of interest and update the loan balance accordingly. To see further details, visit this link: Create a journal entry in QuickBooks Desktop for Windows or Mac.

While Quickbooks may not have a built-in loan manager feature, you can still effectively track the loan and its payments by using the manual methods described above. I hope this helps, and if you have any further questions, feel free to ask!