To delete or remove an existing loan from Loan Manager, follow these simple steps:
- Open Loan Manager from the Banking->Loan Manager menu in QuickBooks
- Highlight the loan you want to remove by clicking on it in the Loan List
- Click the Remove Loan… button
- Click Yes in the Remove Loan? window
Here’s the main screen of Loan Manager with a single loan. If the loan you want to delete or remove isn’t listed, the GL liability account is probably inactive. In that case, close Loan Manager, make the GL liability account active, and restart Loan Manager. Here’s the Loan Manager after the loan has been selected:
Here’s the Remove Loan? window:
It’s important to understand that Loan Manager is primarily a tool to calculate payment schedules and to simplify the process of distributing interest and principal payments to the appropriate GL accounts. When you create a new loan in Loan Manager, the outstanding balance for that loan will start as $0 – until you record a transaction in the liability account in QuickBooks itself. Once the liability account is increased to reflect the loan’s principal, Loan Manager can assist you to record the regular payments. Likewise, when you remove a loan from Loan Manager, you are not making changes to the liability account balance.
Therefore, deleting or removing a loan by following these steps will not impact your financial statements or other reports produced by QuickBooks.