Money & banking
Every loan, its balance and its next payment in one place
A loan payment is two things: interest, which is an expense, and principal, which reduces what you owe. Getting the split wrong every month throws the Balance Sheet off. The Loan Manager does the split for you.
What you get
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Loans listed
Each loan with its balance, next payment and schedule.
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Schedules from the books
The amortization schedule starts from the balance on your books.
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Set Up Payment
Each payment splits principal and interest in a general journal entry.
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Add, edit, remove
Keep the list current as loans are taken out and paid off.
Where to find it
The Loan Manager is under the Banking menu. Adding and paying loans needs the right to make journal entries, because each payment is a journal.
Frequently asked questions
Which accounts does a loan use?
Each loan sits on its own liability account, so the Balance Sheet shows every loan separately.