Loan making capability and tracking (Lender Loans in Q Mac) (3 merged votes)

unclekrusty

I want to be able to enter personal loans made where I am lender and not borrower. If it could track interest and principal payments in appropriate accounts and have the ability to accept and amortize extra principal payments as well. Being able to print an amortization table upon setup too would be handy.

Unknown

When will Quicken for Mac have the "lender loan"  feature that Quicken for Windows has? (This is an ASSET account with loan details, amortization schedule, automatic generation of split transactions from the amortization table)  Quicken 2018 Deluxe Version 5.6.1

RickO

Richard, Quicken never announces the timeline for future enhancements in advance, other than in the most general way. I know this has been discussed, but there's really no way of knowing when it might happen.

You can go to this thread and click the VOTE button to add your vote for this functionality:

https://getsatisfaction.com/quickencommunity/topics/loan-money-out-to-others-for-mac-2017

mshiggins

Richard, Quicken never announces the timeline for future enhancements in advance, other than in the most general way. I know this has been discussed, but there's really no way of knowing when it might happen.

You can go to this thread and click the VOTE button to add your vote for this functionality:

https://getsatisfaction.com/quickencommunity/topics/loan-money-out-to-others-for-mac-2017

Hopefully the Mac lender loan implementation will be better than the Windows lender loan feature.

Unknown

Is there a way to set up a lender loan that tracks interest received for tax purposes and allows pre-payments ? This is using Quicken 2019 for Mac.

RockyMtnMan

This is possible in the Windows version, and needed in the Mac 2019 Premier version as well.

LarryBeattie

using Quicken Mac 5.13.3 there in no entry for lender load when I do a search for the subject. What now?
Larry

Quicken_Tyka

Hello @LarryBeattie

Thank you for taking the time to visit the Community to post your question, although I apologize that this feature isn't currently offered.

I have moved your post to the ongoing Idea thread to add the ability to create a lender loan in Quicken for Mac.

Be sure to navigate to the top of this post and click the up arrow to add your vote!

Ideas are reviewed by our development team to see what people would like to be available in the future.

Thank you,

-Quicken Tyka

Mike_jMGS

FYI Quicken Mac 2007 had this capability. Yes, we could do this 13 years ago and now that I "upgraded" to 2020 I'm paying for a downgrade in basic features.

bbrier

I add my vote that this is a big problem and need to be fixed. Thanks.

JIm34

Please add this function ASAP. It was in other versions of quicken years ago!
Thanks!

LarryS103

the list of 2020 features says that it handles loans, which I read to be either to people or from people.. If not true use words to differentiate. [Removed-Unhelpful]

LarryS103

The site says support is available for chat. I click on the Mac option, and several options are shown, but none of those links work.

Quicken_Tyka

Hello @LarryS103

Thank you for taking the time to visit the Community to post your question, although I apologize that lender loans are currently unavailable in the Quicken for Mac product.

I have moved your post to the ongoing Idea thread to add the ability to create a lender loan in Quicken for Mac.

Be sure to navigate to the top of this post and click the up arrow to add your vote!

Ideas are reviewed by our development team to see what people would like to be available in the future.

In regards to chat, please ensure that pop-ups are enabled, if you still encounter issues, please take a moment to review the steps and information available here.

Thank you,

-Quicken Tyka

jacobs

@LarryS103  While Quicken Mac doesn't have automated features fr lender loans, it's pretty easy to use Quicken to track a lender loan. You'd create an asset account for the loan you made to someone. The initial loan amount would be a withdrawal from the checking or savings account you made to provide the money, and in Quicken you'd show this as a transfer to the asset account to establish the loan. Each time you receive a payment, you record the payment as a deposit in your checking account, with a split to (1) transfer to the asset account to reduce the loan principal, and (2) record the interest income.

How you calculate the interest depends on the terms of your loan. Is it calculated as simple annual interest? Monthly? If you're doing it based on monthly balance, like a home mortgage, there are many free online loan amortization calculators that can generate a table showing interest and principal splits through the life of the loan. If you are receiving regular payments, you can set up your deposit as a scheduled transaction, and after each transaction, you can edit the split to reflect the proper values for interest versus principal). While this isn't automated, once you have a schedule of interest printed out, it takes only a few seconds a month to adjust the latest split entry.