Categorize a Personal LOAN from PERSONAL checking to BUSINESS checking account

anne

How do I Categorize a personal LOAN made from our PERSONAL checking to our BUSINESS checking account?

1) Do we create a Sub-Category under “TRANSFER” Category ie “Transfer: Loan”? OR
2) Entirely separate Category “Loan from Personal to Business”?  (When I was using the old 2007 Quicken, we had did this. However want to set up 2018 correctly in our new Quicken for Mac).

Quicken Harold

Hi anne. Appreciate your question.

I would do the following:

Make a sub-category "Loans: Personal Loan" so that when you transfer money from your Business account, it will transfer to this loan. Make sure that the loan has a negative balance (to ensure that you are paying it off)

It should show [Loans:Personal Loan] if you have the category entered correctly.

Hope this helps.
~ Quicken Harold.

Quicken Harold

Hello anne. Appreciate your question.

I would do both. I would make a transfer category and make sure that it is going to the proper category so that your reports show the proper information.. 

Respectfully,
~ Quicken Harold.

anne

Hi Harold,
Thank you. So if I may confirm that I got it straight - I should create two categories. 1) A sub-category of "Transfer: Loan" and in addition 2) A totally separate category “Loan from Personal to Business”? So each personal loan would be classified in two categories.

Quicken Harold

Hi anne. Appreciate your question.

I would do the following:

Make a sub-category "Loans: Personal Loan" so that when you transfer money from your Business account, it will transfer to this loan. Make sure that the loan has a negative balance (to ensure that you are paying it off)

It should show [Loans:Personal Loan] if you have the category entered correctly.

Hope this helps.
~ Quicken Harold.