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Looks like there will be more 'bookkeeping' work ahead without Loan Manager in the mix! It let the ProAdvisor, Bookkeeper, or Accountant set up the loan for the client, and then the loan would be kept correct month-by-month. Instead, we get instruction to go to the Intuit help document for ‘ Manually track loans in QuickBooks Desktop.’ While every accountant and bookkeeper certainly knows this process, the same can’t be said for every person using QuickBooks Desktop that’s why Loan Manager was the tool of choice. I understand not having a tool like this in QBO, but I don’t know why it would be dropped in the Desktop version. It also lets you make a payment for the regularly scheduled amount due or additional payments that would pay down your loan correctly so that the correct values are reflected in your financial statements. The Loan Manager created an amortization schedule for the duration of your loans and showed what portion of each of your loan payments applied to interest, principal, and escrow.
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I think I have only addressed it regarding problems it might have had from time to time or other QuickBooks problems related to it… like having to move the file manually when you moved your Company file from one computer to another. I am probably remiss for not covering it better within Insightful Accountant. I am aware that a lot of my ProAdvisor colleagues never taught the importance of this tool. QuickBooks Loan Manager helped users calculate loan interest and payment schedules. Therefore, I have a hard time understanding why the Loan Manager would be dropped from the product. For 2022 you can say goodbye to the following features that were not brought over:
Quickbook pro timer upgrade#
While we gain new features with the release of many new product versions, we also sometimes lose features that Intuit determines have either lost significant user acceptance or represent upgrade complexities.