QB Issue Resolution:

So you are financing the car sales and want QB to show and remind you when someone misses a loan payment.

Although loans are not normally included the customer AR accounts, in this case you can use the ‘memorized transactions’ function to create a monthly invoice. Then if a payment is missed you will see a balance appear in the overdue AR list – I think that’s what you want?

The trick will be that the invoice item should a ‘loan payment due’ which maps to a ‘loans receivable account’ – not to sales income.

You would then create an invoice for the monthly payment due, (due on receipt) and set it to auto-repeat for the number of times needed.  You will end up with a lot of lines in the memorized entries list. Delete the memorized item once the loan is repaid.

The initial sales invoice would be for vehicle at full price with all taxes, then ‘loan payable’ item with negative amount so the invoice net is the initial purchase payment only.

Resolution for Issue 'John Doe buys a car from me for $2000. Puts $500 down, balance due of $1500. His payments are $100 per month starting 30 days from purchase. If I create invoice, can I set up a reminder of the $100 payment due and will it track on the 30/60/90 sheet to show me whose late? For the last year ive just created the invoice and they make their payments online, but i have had no way to track if someone was late on a payment this way. Ive been playing with the chart of accounts. Looks like i can create an “other current asset”called LoanJD for the initial loan for $2000. Then create a service called LoanPmtJohnDoe for the $100 payment and have the income account set to that. From there setup a recurring transaction to auto send them ??? each month. It wouldnt be an invoice would it? Credit memo? Im stuck at this point trying to figure the appropriate mappings. Brain is hurting. I started a new file for 2019. Need a good solid way for new loans and then I will work on moving the existing 8 loans from 2018 into the new file.' available: Yes (Solved).
Source: Intuit Community forum.

John Doe buys a car from me for $2000. Puts $500 down, balance due of $1500. His payments are $100 per month starting 30 days from purchase. If I create invoice, can I set up a reminder of the $100 payment due and will it track on the 30/60/90 sheet to show me whose late? For the last year ive just created the invoice and they make their payments online, but i have had no way to track if someone was late on a payment this way. Ive been playing with the chart of accounts. Looks like i can create an “other current asset”called LoanJD for the initial loan for $2000. Then create a service called LoanPmtJohnDoe for the $100 payment and have the income account set to that. From there setup a recurring transaction to auto send them ??? each month. It wouldnt be an invoice would it? Credit memo? Im stuck at this point trying to figure the appropriate mappings. Brain is hurting. I started a new file for 2019. Need a good solid way for new loans and then I will work on moving the existing 8 loans from 2018 into the new file.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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