Comments

  1. I upgraded to QuickBooks Pro 2014 in Apr. I have already entered in two new loans in loan manager and they are working fine. Recently I refinanced a loan and followed the steps QB gave to zero out the old and set up the new. I set up in loan manager and it appears to be correct. When I ‘set up payment’ everything looks good…I click ‘ok’ so that I can ‘write a check’ and print it but the pop up window goes away and I am back on the Loan manager screen. The other two loans take me to write a check but for some reason this one wont. Any ideas?

    • Chief Mechanic says

      Nothing immediately comes to mind. Loan Manager is one of the older, less frequently used parts of QB, so it may be that you’ve uncovered a glitch with your particular installation and QB 2014. The normal steps to troubleshoot are to make sure you are on the latest release, try to recreate the behavior with screenshots, and contact Intuit.

  2. Just a following on. The interest due never changes even if I change the frequency of payment. The interest due also does change even if I change the start state of the first payment. So if I make my first payment 1 month and every month it is the same interest due even if I start paying one year later and only pay on the loan once a year. I should have a full extra year of interest due plus I should have to pay for a total of 12 months interest. Instead it always looks like the total interest due if I start paying one month after the loan started and always 1 months interest regardless of the other terms entered.

  3. I have QB11 Pro. I support Don’s comment. I’ve tried to enter simple loans but the interest does not seem be calculated properly. I have tried to enter a $12,000 loan with 5% interest as a test. The annual interest would be $600 which should mean $50 in monthly interest. I get less than $20 in interest as being the correct amount.

    Perhaps I’m missing something obvious.

    • Chief Mechanic says

      Dary, this isn’t easy to troubleshoot unless you can provide screenshots of the data you’re entering into each of the Loan Manager screens. When your interest amount is so much less than it should be, it’s usually an indication that you’ve entered any one of or a combination of principal, interest, or periods incorrectly. Note that interest rate is the annual interest rate, not the monthly rate even if your payments are monthly.

  4. Can you setup a daily or weekday payment period in QB 2012 Loan Manager?

    • Chief Mechanic says

      Unfortunately, there’s a glitch in using QB 2012 Loan Manager on systems with IE 9, and the fixes require settings that we can’t make to our systems, so we’re not in a position to test this for you. That said, it’s not likely that Loan Manager will do daily payment periods; the shortest period you’d likely be able to do with the tool is weekly. Intuit’s view is that Loan Manager is used very infrequently, so they don’t devote the resources to update that utility. Therefore, you’d probably be better off managing loans in tools such as Excel, which would give you the ability to have daily or weekly payment periods, and enter either detail or summarized data into QB via general journal entries.

  5. Don Wenzel says

    The setting “exact days” and 365/360 does not work. Quickbooks does not calculate the correct interest and principal. This has been an issue for years and Intuit has not fixed it.

    • Don – Can you give a specific example of the data you are using, what QB calculates and what value you expect? Also, please indicate your QB version (year) and release.