Convert a Liability Account to a Mortgage Account

jhh87

After using Quicken to track my personal and business expenses for several years, the database became corrupt. Somehow the balances got off and after trying for several months to salvage the old database, I finally hunkered down and decided to just restart from my last backup. I had a lot of attachments on transactions and the database file size was approx 400mb.

So now that I am rebuilding everything, I imported everything over to a new file. So far so good, just a lot of data entry and double checking as my backup was from last December.

Finally Im at the point of updating and re-entering my bill reminders etc and I notice that Quicken has imported all of my mortgage accounts as "Liability". After searching I havent found a way to convert a "Liability" to a "Mortgage" or anything for that matter. The only way I can figure is to remake each mortgage and then manually go move each mortgage split transaction to the new mortgage account. This would probably take the better part of a day or two so asking here first.

TLDR - How can I convert a liability account to mortgage after importing transactions to a new database?

Tom Young

I'm not aware of any ability to convert a Liability Account to a Loan (Mortgage) Account, which is not to say that there isn't that functionality in Quicken.

If you want to have the Mortgage Account in Quicken for the functionality of having Quicken create the amortization schedule and create Reminders, then one way of approaching this that doesn't involve editing a whole bunch of entries would be to create new Mortgage Accounts that have a beginning balance that's the same as your current Liability Accounts, utilizing the remaining term, interest rates, compounding period, etc.  Then zero out the old Liability Accounts by making an entry with an offset to the [Same Account] and a memo along the lines of "transfer balance to Mortgage Account". 

Over in the new Mortgage Account enter the same memo in Quicken's "Opening Balance" initial entry.

Tom Young

I'm not aware of any ability to convert a Liability Account to a Loan (Mortgage) Account, which is not to say that there isn't that functionality in Quicken.

If you want to have the Mortgage Account in Quicken for the functionality of having Quicken create the amortization schedule and create Reminders, then one way of approaching this that doesn't involve editing a whole bunch of entries would be to create new Mortgage Accounts that have a beginning balance that's the same as your current Liability Accounts, utilizing the remaining term, interest rates, compounding period, etc.  Then zero out the old Liability Accounts by making an entry with an offset to the [Same Account] and a memo along the lines of "transfer balance to Mortgage Account". 

Over in the new Mortgage Account enter the same memo in Quicken's "Opening Balance" initial entry.