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How do I handle a debt being repaid to me?

Being new to Quicken (and having used an envelope budgeting system previously on a different platform), can you give me any guidance on how I should now treat a debt that is being repaid to me over a period of months ...? There is no formal repayment agreement - so I don't know how much I'm going to receive or when frankly ... but of $7,000 owed I've so far received $1,000 - so how do I annotate that initial repayment, and how do I then move forward - do I set it up as a Savings Goal - or do I create a Loan Repayment budget - or something completely different? Grateful for any advice offered.

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Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    There are many options.  One approach would be to use an asset account.  You may use a transfer to account for the original amount lent and a transfer from the account for the payments received.
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