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Change the account type?

Paul Mitchell

Once an account has been set up - can you change the account type? ie I have a loan account setup for my business and it is showing as an asset - should be a liability

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Jerry_

Paul, go to your Account. In the Account Details Window, select the Display Options Tab. Under that Tab, you will find a Section Block titled "Account intent". There you will find a dropdown List Box showing the current Type assigned to the Account. From that List Box choose the desired Type that you want for the Account. Select the OK Button to save your choice.

(Although in my drop-down list, I did not see a choice for Liability). My choices are:
1. Spending
2. Savings
3. Investment
4. Retirement
5. Asset
I am running Q2018 Premier R6.11.

What do you see?

I found a support page at this link:
https://www.quicken.com/support/how-do-i-move-account-one-group-another

UKR

Once an account has been created in Quicken, the Account Type cannot be changed.

What account type does this account have? If it shows as an asset, it can't be a loan account, but could be a "lender loan" (money you loaned someone and hope they pay you back).

More details, please.

mshiggins

Paul, go to your Account. In the Account Details Window, select the Display Options Tab. Under that Tab, you will find a Section Block titled "Account intent". There you will find a dropdown List Box showing the current Type assigned to the Account. From that List Box choose the desired Type that you want for the Account. Select the OK Button to save your choice.

(Although in my drop-down list, I did not see a choice for Liability). My choices are:
1. Spending
2. Savings
3. Investment
4. Retirement
5. Asset
I am running Q2018 Premier R6.11.

What do you see?

I found a support page at this link:
https://www.quicken.com/support/how-do-i-move-account-one-group-another

From C. D. Bales:

Changing "Account intent" will not change the
account type: it only changes the group in which the account is displayed. The
underlying account type is pretty much fixed once the account is created. And
some account intents are not valid for some account types: no "asset"
account (of any specific type - checking, savings, investment, etc.) can be
displayed with liability accounts.

If you created a Quicken loan with you as the lender, the
Quicken loan account type will (correctly) be "asset" and you cannot
change that, nor display it with loans in which you are the borrower (when you
are the borrower, the Quicken loan account type is "loan", which is a
liability account).

You will need to create a new loan in Quicken with you as
the borrower.

Jerry_

Paul. this lively discussion should have answered some of your questions. (grin)

mshiggins, C.D. Bales (grin), and

UKR, thanks for denoting the difference between Type and Group. I also thought it was weird the Liability Group was not present in some of the drop-down list in the Account intent Section Block that I checked in my Accounts. Guys, does a loan account have a Display Option Tab in its Account Page showing an Account intent Block? I do not have a Loan Account; so I could not check it.

Rechecking the support page that I above linked, it mentions only Group vs. Type. I learn something everyday. Thank guys!!

It will be interesting to hear what Paul has to say.