How to Create Loan Receivable Statements in QuickBooks
1. Invoice for the note receivable payment showing principal and interest due.
2. Be able to generate a statement out of QuickBooks that shows:
a. the original note receivable amount
b. payments against the note receivable
c. balance owing on the note.
I can get to the create invoice for the current payment and principal due but can’t get the statement issue resolved. From the blogs I have seen, you are the go to person on this. Thanks for any help on this.
Start by making sure the item you use for the principle payment on your invoices is mapped to the notes receivable account, so it’ll reduce the balance of loan. Only the interest payment is revenue.
Then either run a Quick Report from the chart of accounts, double-click on the Notes Receivable balance on your balance sheet report, or a Custom Transaction Detail report filtered for the notes receivable account. If you don’t have separate Notes Receivable accounts for each loan, and I wouldn’t, you can filter any of these reports by Name.
Make sure to filter the report to include all transaction types except invoices, otherwise it'll include unpaid invoices.
This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.