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QuickBooks for Our Micro-finance business

QuickBooks Nigeria Online SupportCategory: TransactionsQuickBooks for Our Micro-finance business
Mr Emeka Ufoma asked 3 months ago

Hi,
We give loans to petty traders at charge a small interest on the loan, we would like to track our loan re-payment and know how much have been paid so far in QuickBooks, what version do you think is suitable for our line of business, we are based in Port Harcourt. We would appreciate a quick answer to help us decide our next step.

1 Answers
Ndukwe Ukabi Staff answered 3 months ago

Hi Emeka,
We already have a detailed post on how QuickBooks work for a micro-lending firm, As a recap, here are functionalities available in QuickBooks that you can utilize for your lending business:
You can record loan advanced to your customers and the interest charges on such loan, depending on the payback.
You can receive instalment payment and monitor outstanding balances on the loan, including the names of the customers.
You can record deposit on the loan receive (if payment was made by cash.)
You can also check the maturity period of such loan and see if it’s already overdue or close to maturity.
You can view loan report and your financials.
If you need help on how to get the QuickBooks software, connect with us at info@accountingsoftware.com.ng

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