{"id":982,"date":"2015-03-12T12:24:10","date_gmt":"2015-03-12T12:24:10","guid":{"rendered":"http:\/\/magnetgroupng.com\/Blog\/?p=982"},"modified":"2017-09-05T12:36:05","modified_gmt":"2017-09-05T12:36:05","slug":"loan-calculator-in-nigeria-naira","status":"publish","type":"post","link":"https:\/\/magnetgroupng.com\/Blog\/blog\/loan-calculator-in-nigeria-naira\/","title":{"rendered":"Loan Calculator in Nigeria Naira"},"content":{"rendered":"

Discover the Loan Calculator in Nigeria Naira and save yourself the stress of using Excel or calculator to determine your loan repayment schedule.<\/strong><\/p>\n

Are you looking for loan repayment calculator software that will help you track period payment of your principals, interest expenses and any additional fees or charges which you can compare with the lenders loan schedule for reconciliation purposes? Here is a review of how QuickBooks Loan Manager works:<\/p>\n

What the Loan Manager does:
\n<\/strong>When a loan is repaid in regular fixed payments, this repayment usually includes both compounded interest and principal installments for the period.
\nAs each successive payment is made the interest portion gradually decreases and the principal portion increases. The QuickBooks Loan Manager creates an Amortization schedule for the duration of the loan, showing how much of each payment is applied to principal, interest and escrow (additional fees related to the loan). It also allows you to make payments for either the regular scheduled amount, or additional payments, and to run \u201cwhat-if\u201d scenarios to compare different loan choices.<\/p>\n

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The\u00a0Detailed instructions\u00a0<\/strong>below provide information on how to use Loan Manager to track loans and repayments in QuickBooks.<\/p>\n

Detailed instructions<\/div>\n

Prepare the use the Loan Manager:
\n<\/strong>Before setting up a loan in the loan manager you will need to set up one or more accounts in QuickBooks: one for the loan itself, one for interest expense and one for escrow if applicable. You will also need to make sure you have the lender set up as a vendor.
\nCreate a loan account in your chart of accounts.
\n<\/strong>Record the initial loan amount. You can do this either by entering the total amount as an opening balance in the\u00a0New Account\u00a0<\/strong>window itself, or as a transaction such as a journal entry. Entering it as a journal entry gives you the most flexibility. In either case, make sure the date you enter is the loan origination date.
\nIf payments have already been made against the loan you will need to enter these as well in the form of checks, bills or journal entries.<\/p>\n

Next, set up an Expense type account for\u00a0Interest payments\u00a0<\/strong>and another for\u00a0Fees and charges<\/strong>, if none already exist.
\nThen create a Bank type account for\u00a0Escrow payments\u00a0<\/strong>if necessary.
\nAdd a vendor for the bank or financial institution issuing the loan, if it does not already exist in QuickBooks.<\/p>\n

Now you are ready to set up the loan in the Loan Manager itself.
\nTo open the Loan Manager, select\u00a0Loan Manager<\/strong>\u00a0in the\u00a0Banking\u00a0<\/strong>menu. This opens the main Loan manager window.
\nClick\u00a0Add a Loan\u00a0<\/strong>to begin setting up the loan.<\/p>\n

\"\"<\/a><\/p>\n

On the first screen entitled\u00a0Enter account information for this loan<\/strong>:<\/p>\n

    \n
  1. From the\u00a0Account Name<\/strong>\u00a0drop-down select the name of the Loan account you set up previously.\n