QB is one of the best accounting applications for business purposes all over the world. In QB, QuickBooks Loan Manager is the best feature in the application, and it helps the customer track loans, repayments with compounded interest, and principal instalments for a particular period. While using this application, we face some common errors like QuickBooks loan manager not working, missing, and discontinued.In this blog, we are going to cover all these issues as mentioned above.
QB resolve provides you a quick Guidelines regarding QB loan manager issues. We strongly recommend you to call on Toll-Free Number +1(800) 280-5969 and avail with brief guidelines with our experienced QuickBooks Pro-Advisor.
How to Fix the Loan Manager errors
Follow the given below steps to find the solution to these errors:
Steps – 1: Review for QB Loan Manager Data Missing
- At first, select Loan manager by clicking on backing.
- Now, click on Add Loan and hit Edit Loan Details if it is needed.
- After that, entered details will display at the bottom of the Loan Manager. If your QB Loan Manager Data is missing, move to the next step or contact the QB support team.
Step – 2: By Using QB Tools Hub, Quick Fix my Program when there is QuickBooks Loan Manager Error
With the help of “Quick Fix my Program,” as described below, the QB user can quickly get rid of such issues as QuickBooks Loan Manager Error. To resolve these issues, you need to introduce with couple of following points:
Point 1:- First, Download and install the QB Tools Hub
- First of all, close the QB application if it is open.
- Download the QuickBooks Tool Hub file then, save it on the desktop.
- Once you have downloaded it, open QuickBooks Tool Hub.
- Then, follow the onscreen instructions to install it, and once it is completed, click on the QuickBooks Tool Hub icon to open it.
Point 2:- Run Quick Fix my Program
Now that you have run Quick Fix, any running background processes will be shut down. Once you have done a quick repair fix, my program will run on your program.
- First, open Program Problems from the QB Tools Hub.
- Choose Quick Fix my Program.
- Once the process is done, open QuickBooks and check if the QuickBooks loan manager’s not working issue still appears on the screen.
Step – 3: Turn on the Compatibility Mode in Internet Explorer 9 to 11
It is crucial to know that Microsoft has ended Internet Explorer 10 and older support. Hence, for security and compatibility purposes, you must be upgraded to Internet Explorer 11.
- First, open Internet Explorer and click on the Tools option.
- Now, select Compatibility View.
- Choose Display all websites in Compatibility View then select Close.
Once you have turned on the compatibility mode, Then watch wheater the “QuickBooks loan manager cannot find the file” or the error is fixed.
Step- 4: Move back to Default Settings of Internet Explorer
- At first, click on Tools in Internet Explorer.
- Select Internet Options.
- From under the Security Tab, navigate to Internet and select the Default option.
- Click Local Intranet and then Default Level.
- Into the Advanced tab, press Restore advanced settings.
- Hit Apply and then press OK.
- Open QuickBooks to check if you can run Loan Manager or Cash Flow Projector without error.
Step- 5: Run Reboot.bat if Loan Manager is Missing from QuickBooks
If the loan manager is missing from QuickBooks, you need to first reboot your computer. This is an important step that will correctly sync Loan Manager to QuickBooks and Internet Explorer. After that, run the Reboot.bat with the following steps:
- Right-click the icon of QuickBooks Desktop and from options choose Properties.
- Select Properties and go to Open file location.
- Right-click the bat file.
- Choose Run as Administrator.
- Wait till Reboot.bat file utility is finishes its task.
How to set up The QB Loan Manager
You need to attention the following mentioned steps to knpow the set-up process the loan manager:
Step 1: Set Up the Accounts for QB Loan Manager 2020
You need to set up a liability, vendor, and expense account in the first place.
Set Up An Escrow Account
The third-party loan is managed by the escrow, which is part of the loan; the escrow account can help you to track the escrow portion of the loan payment. Follow the below list to set up:
- At first, open the Qb application and select Chart of Accounts from the Lists menu.
- After that, select the Account dropdown, then also choose New.
- Now, First, you need to select Other Account Types, and After that, Other Current Asset.
- Next, select Continue to proceed.
- Now, you have to enter the Account name.
- Finally, select Save Close to wind up the first step.
Step 2: Find Record and Track of Your Loans
The second further steps will guide you through setting up QB loan manager 2020; you need to pay extra attention of the next steps:
- First of all, log in to QB Online and after that, go to the Banking menu.
- Now, select Loan Manager and then choose to add a Loan.
- Deliver the following information related to the loan: Lender, Origination Date, Original Amount, Account Name,
- Duration to repay the loan.
- If you have given all the required information then, move to next.
- Now, for the loan, you need to enter the payment information.
- Due Date of Next Payment: Deliver/Enter the Due date of your amount.
- Payment Amount: Enter the amount you need to pay for each period.
- Next Payment Number: If you have already made payments before, enter the payment number for the following amount.
- Again, select Next after proving all the payment-related information to proceed further.
- Now you will need to provide the information related to the loan interest, including Interest Rate, Compounding Period, Payment Account, Interest Expense Account, Fees/Charges Expense Account.
After written all the essential details provided by you, select finish and jump to the next step of setting QB loan manager 2020.
Step 3: Make Loan Assessment Operating What-If Scenarios Tool
Here we come to the last and final step of Setting up the QB loan manager 2020. In this step, you will compare different loan options and see what else you can do with your loan in different scenarios. To utilize the tool:
- At first, select Loan Manager from the Banking menu and proceed further.
- Then, choose What If Strategies.
- Next, you need to choose a loan strategy from select the scenario dropdown menu.
- After that, select the loan account you want to evaluate in the Choose a loan dropdown.
- Now, provide the appropriate information in the given fields and pick Calculate.
- At last, select the Print option if you want to print the results.
How to use Loan Manager in QB?
QuickBooks Loan Manager is one of the best accounting features in the QB application; it helps people in managing customers’ loan tracking, repayments with compounded interest, and principal instalments for a particular period. For example, every time you make a payment, the interest amount will decrease; the amount will increase in the principal.
Hopefully, the information mentioned above will help you to use the QuickBooks Loan Manager.
However, feel free to contact our Accounting and Bookkeeping helpline number +1(800) 280-5969 in case of any query. Our team will be available for you to assist with your issues in a single call.