Categorize a Personal LOAN from PERSONAL checking to BUSINESS checking account

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).

Best Answer

  • Quicken Harold
    Quicken Harold Alumni ✭✭✭✭
    Accepted Answer
    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
    Community Moderator

Answers

  • Quicken Harold
    Quicken Harold Alumni ✭✭✭✭
    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.
    Quicken Harold
    Community Moderator
  • anne
    anne Member ✭✭
    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
    Quicken Harold Alumni ✭✭✭✭
    Accepted Answer
    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
    Community Moderator
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