i have QuickBooks 2010 for Mac Version V11.0.12 R13. i have loaned a new company some money and know how to enter the debt into QB as a liability, but haven't seen where i can enter the terms, like interest & principal payments. Does QB handle this?
I have never done this but I don't think it should be a liability account, that would be a loan you have taken out. Yo may have to set this company up as a customer, calculate your interest on the loan and invoice for the total and receive payments as they are made, or set up one invoice for the principle and interest charge and memorize the invoice. You can set your interest charges in preferences but the loan interest may not be the same as your statement interest charge. Terms can also be applied to customer/jobs however that applies more to discounts for on time payments.
I am actully keeping the books for the company, and it has recieved a loan from me, so it becomes a liability of the company. I can set up the principal and interest paymets in an Excell spreadsheet and enter those transactions into QB. But it seemed to me that since loans and repayments are fairly common that QB would have a funcion such that one could put in the terms and it would then formulate the schedule and automatically enter the transactions as they come due. I couldn't find such a function. If QB doesn't have it, i can use a spreadsheet and input the schedule using the transaction memorization feature - as you suggested - and set it up as a recurring event. Thanks.
QB Windows has the loan manager, not yet on QB Mac.
