View Full Version : Long Term Loans
02-13-2002, 03:33 PM
I have a long term loan that I am etering n QB 2002 PRO
I was wondering the following:
1. Is there a way to automtate the amortization schedule for interest (since it is a mortgage) so that the principal and interest will split correctly without me entering it manually every time?
Thanks in advance
No, sorry. You have to split the check yourself.
02-13-2002, 06:56 PM
sounds like a great idea, but I don't think QB will handle this. Just have the software preference set to recall last transaction and adjust P&I. That's the best approach.
11-08-2002, 09:33 PM
I am new to QB but have used Quicken for years. I find it hard to believe that The big brother of little old Quicken can't handle such an every day task as automating and then tracking the splits of principle and interest.
Is this really true?
It's really true.............
11-09-2002, 12:06 PM
Thanks Joey. Is there some special reason why this simple service has not been included in QB? Is there something about the way a business accounting system runs, as oposed to a personal finance system like Quicken, that makes it more advantagous to deal with such things as amortization as QB does?
I am very new to all of this, so I feel like there must be a good reason why amortization was left out and continues to be left out after so many years of people requesting the feature.
Any insight would be apprciated, as it might help me to better understand how to actaully use QB. Right now, I am finding it very difficult to use and learn, particularly when there are features I assumed would be there, from Quicken.
Quickbooks is a double entry accounting system and every entry must have a debit and an offsetting credit entry so the general ledger is always in balance. Quicken is a check writing program that will balance your checkbook and categorize your checks. It only knows inflows and outflows. As far as being able to prepare an amortization report that the user could use to split the loan payment checks into the interest expense and the principal portion of the payment, I have always wondered this myself. You can get amortization programs on the internet free in the shareware and freeware areas. It seems that they would just include this in their program. Who knows how they think.
11-09-2002, 02:27 PM
Thanks for the help.
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