Sold a rental - took back a small note - can I track it?

Am using 2020 home/bus/rental. I don't see the proper account to set up.... Is there one? Or what would be a work-around using what's there?

Best Answers

  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Accepted Answer
    Sounds like this.  Put "Lender Loan" in the Quicken search box in the program.


    See if my old notes still work or there might be a newer way....

    A lending loan is a loan for which you are the lender and someone is paying you back on an amortized schedule. A lending loan is treated as an asset in Quicken that has a positive balance.


    Add an Asset Account , where value of the asset is the amount you are lending. 

    In the final window of account setup, when you are asked Is there a Loan on this asset?, select No. 


    Open the account you just created, then click the Account Actions icon (the gear icon  on the top of the register), and then choose Convert to a Lending Loan Account. 


    In the Convert this Asset to a lending loan dialog, click Convert,

    Quicken creates an asset account with a payoff schedule. The account is identical to a "normal" loan account in Quicken. The only difference being the sign of the lending loan and its payments are opposite that of a "normal" loan. 


  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @Oliver7509,

    A couple of additional points:

    a) When you "Add the Account in Quicken - make sure you select "Other Asset" in the "Property & Debt" section;

    b) On the next screen click on "This account is primarily used for: Rental property transactions;

    c) When you get to the "Loan Details" page (this is the last step - after you've clicked "Convert this asset to a Lending loan") make sure that the monthly payment (which will be calculated from the loan terms you will enter on this screen) agrees with the mortgage document before you click "Next"

    Good luck!

    Frankx


                           Quicken H&B-Subscription - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

Answers

  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Accepted Answer
    Sounds like this.  Put "Lender Loan" in the Quicken search box in the program.


    See if my old notes still work or there might be a newer way....

    A lending loan is a loan for which you are the lender and someone is paying you back on an amortized schedule. A lending loan is treated as an asset in Quicken that has a positive balance.


    Add an Asset Account , where value of the asset is the amount you are lending. 

    In the final window of account setup, when you are asked Is there a Loan on this asset?, select No. 


    Open the account you just created, then click the Account Actions icon (the gear icon  on the top of the register), and then choose Convert to a Lending Loan Account. 


    In the Convert this Asset to a lending loan dialog, click Convert,

    Quicken creates an asset account with a payoff schedule. The account is identical to a "normal" loan account in Quicken. The only difference being the sign of the lending loan and its payments are opposite that of a "normal" loan. 


  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @Oliver7509,

    A couple of additional points:

    a) When you "Add the Account in Quicken - make sure you select "Other Asset" in the "Property & Debt" section;

    b) On the next screen click on "This account is primarily used for: Rental property transactions;

    c) When you get to the "Loan Details" page (this is the last step - after you've clicked "Convert this asset to a Lending loan") make sure that the monthly payment (which will be calculated from the loan terms you will enter on this screen) agrees with the mortgage document before you click "Next"

    Good luck!

    Frankx


                           Quicken H&B-Subscription - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • oliver7509
    oliver7509 Member
    Thanks to you both. It worked great.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    You are welcome!

    Frankx


                           Quicken H&B-Subscription - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
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