Loan making capability and tracking (Lender Loans in Q Mac) (3 merged votes)
Comments
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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 5.6.10
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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-2017Quicken Mac Subscription; Quicken Mac user since the early 90s0 -
Hopefully the Mac lender loan implementation will be better than the Windows lender loan feature.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-2017Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
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.0
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This is possible in the Windows version, and needed in the Mac 2019 Premier version as well.0
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using Quicken Mac 5.13.3 there in no entry for lender load when I do a search for the subject. What now?
Larry0 -
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
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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.0
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I add my vote that this is a big problem and need to be fixed. Thanks.0
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Please add this function ASAP. It was in other versions of quicken years ago!
Thanks!0 -
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]0
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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.0
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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
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@LarryS103 While Quicken Mac doesn't have automated features for 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.Quicken Mac Subscription • Quicken user since 19930 -
I need to create a Lender Loan to track interest and payments. I have seen how-to instructions for creating on Windows, but the same process doesn't work on the Mac. When I create the assets, there is no option to convert it to a Lender Loan. I looked at setting up a loan but can not use negative numbers. Any Idea?0
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Hello @doublet
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
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doublet said:I need to create a Lender Loan to track interest and payments. I have seen how-to instructions for creating on Windows, but the same process doesn't work on the Mac. When I create the assets, there is no option to convert it to a Lender Loan. I looked at setting up a loan but can not use negative numbers. Any Idea?
In case you missed it, there was a response from @jacobs a while ago (scroll up in this discussion) which described what you have to do to work with Lender Loans in Q Mac for now.
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I am loaning money to my daughter. I want to track her payments in Quicken.
I created an asset account. I thought I would then convert it to a loan mortgage so I could get the amortization schedule, but could not convert it.
so how do you create this kind of account on Quicken for Mac0 -
Hello @Statsguy
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
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