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 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.

doublet

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?

Quicken_Tyka

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

UKR

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.

Statsguy

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 Mac

Quicken_Tyka

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

EDUARD WEICHSELBAUMER

I am loaning money to a small company. want to track it.

jacobs

@EDUARD WEICHSELBAUMER You can vote for this feature at the top of this thread. In the meantime, I posted above how to do this manually without too much work.

avic

YES, Please add this functionality as soon as you can.

FYI, the way I worked around this missing feature was to follow the instructions here:

https://help.quicken.com/display/MAC/FAQs+for+managing+loans

------------
A lending loan is a loan for which you are the lender and someone is paying you back. In Quicken, a lending loan is treated as an asset with a positive balance.

To track this loan:

Add an asset account, where the value of the asset is the amount you lent.

Add a transaction to the account where you will deposit the repaid amount, usually a checking account.

Add a split to this transaction. Add the principal and interest amounts separately. Transfer the principal amount to the asset account to keep track of the amount repaid.
-------------

I then edited the bank account transaction that gave the money to the borrower and changed it to a transfer into this new asset account, which created the initial balance for the loan.

however, you cannot NOT convert the asset to a lending loan (as can be done in the Windows version), and therefore you cannot not enter loan terms, and get Quicken to compute the amortization payment schedule,

one recommendation above by jacobs was to use an online loan calculator and print the payment schedule... pain in the you know what.

Therefore I created an additional offline loan (as if I am the borrower, not the lander) and moved it to a separate account (so it does not affect my total balances, reports, etc)

that allowed me to enter the loan terms, and see payment amortization schedule, etc for this separate account right in Quicken, without having to print and keep track of yet another piece of paper.

not ideal, as I now have to do double entries:

one in the separate loan account to match the amortization schedule

and one manually entering the split payment into the asset account as described in the link above.

hope this helps others.

but please please please add the convert asset to lending loan for the Macintosh version.

prmills

I agree. This is a very important feature.

MontanaKarl

We made a loan to a family member as a recorded mortgage, so that they could deduct the (low AFR) interest on their taxes.

We, of course, have to report the interest received as taxable interest - and reduce the outstanding balance of the loan's asset account in Quicken. I do that today via an Excel amortization spreadsheet to enter the proper values of the split of each month's payment.

The Quicken Mortgage Loan account properly calculates the monthly split between interest and principal.

But - it is a liability-only account. (You cannot create a computed Loan Asset account, or fake it by entering a negative Mortgage loan value.)

It would be great if it were possible to take all of the Mortgage Loan code and allow for a (mortgage or other) amortized loan asset account for which payments received would be automatically split to taxable interest received and loan balance curtailment.

Maybe this is a potential Home & Business edition wish?

jacobs

@MontanaKarl A moderator merged your post into this existing thread requesting lender loan capabilities in Quicken Mac. Be sure to add your vote at the top of the thread. It's up to 36 total votes now; perhaps with a little more activity, it can be officially pushed to the developers for consideration.

MontanaKarl

(deleted duplicate post)

MontanaKarl

Thanks, @jacobs Done.

Sorry for the duplicate here, folks.