how can i set up a loan as an asset with an amortization schedule in quicken mac deluxe 2019

redandandye@

how can i set up a loan as an asset with an amortization schedule in quicken deluxe 2019. 

jacobs

Okay, glad we're on the same page.

Unfortunately, Quicken 2019 does not have amortization for lender loans at this time; it only supports amortization for loans where you're the borrower.

That said, you can have Quicken do most of the work you want, with you supplying one manual tweak each month.

1. First, you need to generate a loan amortization schedule. There are dozens of websites which make it easy to do this, so just Google "loan amortization schedule" or "loan amortization calculator" and try one or two to find one you like which makes it easy to enter the loan amount, loan origination date, and length or monthly payment amount and print the resulting month-by-month amortization schedule showing the split between principal and interest.
2. In Quicken, create an Asset account and name it.
3. Create a new transaction to establish the loan: a transfer out of your checking account into the loan asset account.
4. Create a recurring (scheduled) transaction for the payments you receive on the loan: in the checking account, click on Schedule > New Scheduled Transaction.
5. Set the schedule according to when you receive the payments, such as on the same day every month.
6. Open a Split for this transaction, and create one split line with a category for Interest Income. (This is not a default Quicken category, so you'll need to create it if you don't already have one.) The other split line is a Transfer to the loan account. Use the amounts from the first month in your printed amortization schedule.
7. Now, every month when you receive a payment, select the next scheduled transaction in gray in the register, and click Paid on the bottom toolbar. This changes it from a scheduled transaction to a recorded transaction.
8. Finally, you need to do the manual part: double click on the transaction you just marked paid, look at your printed amortization schedule for this month, and edit the amounts of the two split lines to reflect the current month's principal and interest to match the schedule.

Note that once you have the loan set up and the scheduled transaction created, each month you're simply marking it paid and manually editing the split amounts. While it would be nice if Quicken could calculate the split for you, it takes only half a minute to update the split values each month.