Generally, lending business/company is a micro-credit business that accepts savings from her customers and provide credit facilities like SME Loan, Personal Loan or working capital.
In this review, we will be sharing tips on how we have used QuickBooks to manage accounting records of a micro-lending client.
One of your main concern as a micro-credit lender is how you can accurately track your loan portfolio, interest receivables and customer balance summary.
In QuickBooks, we have been able to design a format for capturing your loan and interest receivable report.
Details Are As Follow:
Loan Report:
Interest Receivable Report:
When you approve a customer’s request for loan, here is a snapshot that captures loan issued and interest portion calculated by the loan officer.
Afterwards, QuickBooks will help you track all repayment on loan issued.
Shown below is a snapshot on customer’s payment record which could be an installment or outright payment.
To streamline your financial report, you may want to view all the interest paid by customers for a specified period which is your interest income reported on profit or loss account.
Here is an interest payment report:
Finally, You can also run a real-time report on your profit or loss
Profit or Loss Report:
Financial Position:
For more inquiry on how we can set-up QuickBooks for your lending or micro-credit company, CONNECT with us on 09092942048, 08175420054 or SEND us your request: info@magnetgroupng.com
