How to Create Loan Receivable Statements in QuickBooks
Published 03/29/2011 | 
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.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, an Intuit Premier Reseller that offers huge savings and expert advice on QuickBooks POS and QuickBooks Enterprise. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks POS and QuickBooks Enterprise and has provided expert QuickBooks help to thousands of businesses all over the world since 1996.
Web Store | Price List | Free Trials | Newsletter
Your advice is excellent, except that using this approach (create invoices for notes receivable) will create wrong information in the Profit and Loss. Statement. in Quickbboks, notes receivable will appear as income along with interest income, which is not true because notes receivable is a balance sheet account and payments on it apply against loan balance. I do have the same problem as Ruth Perryman and probably I didn’t really get your point, can you please provide more details how to manage notes receivable in QuickBooks?
Thanks for you help