I need to set up an account to keep track of land contract payments, How?!

I was a State Farm Agent with corporate sponsored Quicken. I had the account set up at the office. When ST no longer sponsored the Quicken I bought Quicken Premier 2018 for my home computer. I can't figure out how to set up the account to receive payments and decrease the balance. Please help. Admitted computer motor! K.I.S.S, :)

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  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    I know nothing about the Mac version of Quicken.  I can only tell you that from a tax standpoint you treat a land contract EXACTLY as you'd treat a mortgage receivable.  That is you establish it as an amortizing loan (an asset) with payments received being split between interest income and a reduction of the outstanding principal. 

    Quicken for Windows has this capability, albeit in a somewhat funky manner.  You first establish an "Other Asset" Account, telling Quicken the balance in the Account as of the date you establish the Account.  Having established the Account you then click the gear wheel in the upper right hand corner of the Account's register and select "Convert to a lending loan".  The Quicken "wizard" then elicits the necessary information required to establish the proper amortization of the loan receivable and creates reminders that allow the receipts to be accounted for properly.

    Perhaps the "Mac" version has the same utility but somebody who actually uses the product will need to respond.

    If Mac can't handle this in a similar fashion then you'll need to establish the loan receivable Account in Quicken and record receipts as a "splits" between interest income and a reduction of the receivable Account.
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