I am grateful for your participation in this discussion, majestyloe. Allow me to offer further support in handling this matter within QuickBooks.
You can create a sub-customer and choose to check the Bill parent checkbox if you prefer a combined total, or leave it unchecked if you want the totals to be itemized separately. Subsequently, create an account to monitor the loan and create a recurring invoice for your customer's monthly payments.
- Navigate to the Settings menu and choose Chart of Accounts.
- Select New, then select Assets.
- In the dropdown menu for Save account under and Tax form section, opt for Loans to Others.
- In the Account name field, enter a descriptive name such as "Loan- customer name.
- Select Save without entering an opening balance.
Before doing the process, I would recommend to consult with an accountant. They can provide a specific guide required for your business needs.
Tag me if you have any more questions regarding customer loan tracking. I’m eager to help you once more.
