Can I setup an interest only loan/line of credit where I'm the lender?

Andrew Angell

I lent some cash to a business on interest only terms with a balloon/payoff due after 6 months.

In Quicken I created an asset account with the balance of the loan, and I see that I can choose to "Convert to a Lending Loan" from the register settings.

When I do this, though, it forces me to setup a "standard amortized loan" where it builds out the schedule using principal + interest payments until the total amount is paid off, which is not what I want here, of course.

Is there a way to set this up like I want but still be able to provide loan statements out of Quicken?

Any information on this would be greatly appreciated. Thanks!

Tom Young

I think the best you can do here is simply establish the loan as an asset, make manual entries for interest accrual - additions to the loan balance - and payments - reductions of the loan balance - and then print out register reports as a form of "statement."  As you know Quicken's loan wizard is limited to regular amortizing loans.

Tom Young

I think the best you can do here is simply establish the loan as an asset, make manual entries for interest accrual - additions to the loan balance - and payments - reductions of the loan balance - and then print out register reports as a form of "statement."  As you know Quicken's loan wizard is limited to regular amortizing loans.

Andrew Angell

Thanks. That's what I wound up doing.

As an aside, I discovered a small bug/quirk in that I cannot get out of the "convert to lending loan" wizard unless I either complete it or End Task on Quicken.

I created a separate thread specific to those details: https://community.quicken.com/discussion/7875072/bug-in-convert-to-lending-loan-feature-of-an-asset/