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.

UKR

redandandye@ said:

i don't see a place to vote, but when i cancel my subscription, i'll be sure to tell them why.

Did you go the discussion I gave you?

In there you'll find the "Vote" triangle to click:

redandandye@

is there another version of quicken for mac newer than 2007 that has this capability?
[removed]

jacobs

Do you mean asset? If you have borrowed money as a loan, that's a liability; a loan that's an asset would be where you have loaned money to someone and they are paying you back over time? It's easy to do this in Quicken Mac, but there is no automated amortization feature for lender loans -- but again, it's pretty easy to work around that. Just confirm this is what you're wanting to do, and we can provide instructions.

redandandye@

i do lend money so what i'm looking for the amortization schedule to be easily available.i've become accustomed to having auto amortization in my quicken for mac 2007.
so i want to create a loan account which is an asset and when payments are made the program will help me allocate principal and interest.

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.

UKR

The following discussion was started by another customer who also wants Lender Loans for the Mac version of Quicken.

https://community.quicken.com/discussion/7847880/loan-making-capability-and-tracking-lender-loans-in-q-mac

If you would like to see this enhancement made in a future version of Quicken please locate the big blue box near the top of this webpage (or page 1 for long discussions) and click the "Up" triangle under the voting count. Wait a moment for the vote count to be registered and updated before you continue.

Feel free to add your own comments to this discussion.

redandandye@

i don't see a place to vote, but when i cancel my subscription, i'll be sure to tell them why.

UKR

redandandye@ said:

i don't see a place to vote, but when i cancel my subscription, i'll be sure to tell them why.

Did you go the discussion I gave you?

In there you'll find the "Vote" triangle to click:

jacobs

@redandandye@ For something that would take you less than a minute a month, you’d abandon Quicken? 

Editing to add: I'm not trying to be snarky here. I'm trying to understand if this is really the issue, since it's very easy to work around, or if there's something more substantial which hasn't come up in this conversation. 

smayer97

And QM2007 never had loan amortization for you as a lender...so this is no different currently in "modern" QMac....

redandandye@

to jacobs- i have 30 of these loans receiving payments every month and they all have different durations and interest rates so yes, it is a real pain to give up the convenience that QM2007 has given me for all of these years. i can do as you say but i'd rather not so i'm going to look for another program. i might have to give up and come back to quicken but i'm hoping that they will change their program first.

redandandye@

to smayer97- i believe that you are mistaken about QM2007. i've been setting up amortized loan accounts with me as the lender for many years. need help finding it? i could help.

smayer97

redandandye@ you are absolutely correct. I have several loans I track but I never had to track lent out money so forgot about this feature. And since it has been a long time since I had to create a new loan from scratch, I forgot that it was there. I should have double checked before but I did now. Thx for reminding me.

jacobs

@redandandye@ I now understand. It didn't occur to me that someone might have as many lender loans as you do. For most people, there might be one, or maybe 2 -- not 30.

I imagine the Quicken developers will eventually add lender loan capabilities to Quicken Mac, but there are still a lot of features that hundreds of users have been asking for, which I would expect will be tackled before this. There's no way for us to know what's coming when, but if you're looking for this to be implemented in the very short-term future, my guess is that it won't be.

As for Quicken 2007, I also didn't know this functionality existed, but I see that it's indeed described in the manual (highlighting in yellow by me)...



Who knew? Quicken 2007: the gift that keeps on giving!

@redandandye@ Is it possible for you to continue using Quicken 2007 for awhile longer, while waiting for the modern Quicken Mac to catch up? It runs on any macOS up through the current Mojave -- you just wouldn't be able to upgrade to the next macOS this fall.

smayer97

And just to complete the picture, I was trying to upload a screenshot of starting up a new loan... alas that is one feature I still have trouble with on this site.