Transferring within Accounts
Jamin0406
Quicken Mac Other Member
Currently when I write a check for my truck payment. I split the transaction 1) Loans:Loan Principal 2)Loans: Loan Interest. I complete the transfer category for the Loan Principal so it reflects accordingly in the truck Debt account.
What I don't like is when i run an Income/Expense report, there is nothing shown for the Loan Principal. I want it to show as expense. Currently, it automatically goes under Transfer.
What I don't like is when i run an Income/Expense report, there is nothing shown for the Loan Principal. I want it to show as expense. Currently, it automatically goes under Transfer.
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Best Answer
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Typically, paying a loan is done with a transfer from checking to the loan account register. Assuming that the loan account register is a "manual loan account", not connected to the bank for downloading, your payment transaction in the checking account is a Split transaction. Assume total payment $400.00:
- Principal amount: transfer to Loan account, $380.00
- Interest: categorized to Loans:Interest Expense (or similar), $20.00
If the loan account is connected for downloading, you will have to categorize the Principal amount to Loans:Principal (or similar) instead, because you cannot transfer into an online-connected loan account. Information in the loan account is based solely on what's downloaded from the bank, not your payment transactions.5
Answers
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I think what you are really looking for is a Cash Flow Report - as opposed to Income/Expense Report.
To get the cash flow, I exclude the auto loan account from the report. Do the same if you have a home mortgage - exclude the home loan account. The principal payments (Transfers) will then report as cash flow out.QWin & QMac (Deluxe) Subscription
Quicken user since 19911 -
I think this will work for what I am wanting to accomplish. I'm still unsure of how to create a Cash Flow Report.0
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My apologies - my response above implied that there is a built-in report called "Cash Flow Report" - there is not a built-in report.
Suggest you start with New Report > Transaction, Rows = Category.
Create the report.
Select Customize and then set Date Range and then select Accounts to include/exclude.
The resulting report carries the major groupings of Income and Expense. Think of these as Cash Flow In and Cash Flow Out.
You can also start with New Report > Summary and in this report you can have columns for each month over a time span; e.g., monthly totals for YTD.
QWin & QMac (Deluxe) Subscription
Quicken user since 19910 -
That's not quite doing it for me. Maybe what I'm thinking is more then I can come up with. For example after creating the report you suggested:
Loans
Loan Principal 0.00
Checking Account -390.07
Loan Account 390.07
It doesn't seem to see the money from my checking account to the loan account as money out. I want to be able to pull a report and see Income vs Expenses or Cash Flow. Does this make since to anybody or just to me.0 -
Typically, paying a loan is done with a transfer from checking to the loan account register. Assuming that the loan account register is a "manual loan account", not connected to the bank for downloading, your payment transaction in the checking account is a Split transaction. Assume total payment $400.00:
- Principal amount: transfer to Loan account, $380.00
- Interest: categorized to Loans:Interest Expense (or similar), $20.00
If the loan account is connected for downloading, you will have to categorize the Principal amount to Loans:Principal (or similar) instead, because you cannot transfer into an online-connected loan account. Information in the loan account is based solely on what's downloaded from the bank, not your payment transactions.5