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Luna1383
February 27, 2025
Question

Loan Manager

  • February 27, 2025
  • 1 reply
  • 0 views

Good morning,

A loan that was registered through Loan Manager was being paid in monthly installments through Loan Manager, and everything was in order. However, the situation changed this January when the total payment was made. The person who made the full payment did not process it through Loan Manager but instead made it directly to the account. As a result, the balance was not deducted in Loan Manager, and when checking the balance there, it still shows an outstanding amount.

How can I settle this balance and remove it from Loan Manager without affecting my accounting records?

Could someone please assist me? I would appreciate your assistance. I am using QuickBooks Desktop 2021.

1 reply

G
GianSeth_A
February 27, 2025

To settle the balance in Loan Manager without affecting your accounting records in QuickBooks Desktop 2021, we need to create a check, Bill, or Journal entry for the full payment affecting liability, vendor, and expense account set up in Loan Manager. I'll guide you through this process, Luna.

 

Before diving into the process, I recommend creating a backup copy of your company file. It can help restore and undo any changes that occur.


To start, we will delete the manual payment and re-create it through QuickBooks Loan, you can follow the steps provided below:

 

Deleting Manual Payments

  1. Launch QuickBooks and log in.

  2. Navigate to the "Banking" menu and select "Loan Manager."

  3. Choose the loan for which you want to delete the payment.

  4. Locate the payment you wish to delete, select it, and click "Delete."

 

Recreating Manual Payments

  1. From the "Banking" menu, select "Loan Manager."

  2. If the loan isn't already set up, click "Add a Loan" and enter the required details.

  3. Input the payment information. 

  4. After entering all, click "Save and close."

If everything is all set, you can now track your loan in QuickBooks Loan Manager.

 

Moreover, considering the intricacies of your situation and the importance of maintaining accurate financial records, I strongly suggest seeking the guidance of an accountant. They can offer specialized advice suited to your unique circumstances and assist you in managing any potential accounting concerns.

 

Furthermore, to keep track of your loans manually, you can use this article as a reference: Manually track loans in QuickBooks Desktop.

 

Additionally, if you encounter some issues, you can refer to this article. It provides some helpful troubleshooting steps: Loan Manager or Cash Flow Projector is missing after upgrading QuickBooks Desktop.

 

 

Always remember that the QuickBooks Community forum is here to support your progress. I'm dedicated to helping you correct any transaction errors in your register. If you have any questions, feel free to reach out to us at any time.

 

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