In a loan account is it possible to enter transaction for interest and principal

In my student loan account, sometime my payments are toward interest and sometime toward the principal. Can we enter that in quicken?


  • UKR
    UKR SuperUser ✭✭✭✭✭
    That would depend on how the loan account was created in Quicken.
    If it was created like a home mortgage, with a fixed payment schedule, the loan setup would have created a scheduled reminder with Split definitions for Principal (as transfer from Checking) and Interest.
    If it was created more like a credit card, you'd have to create the payment transaction yourself, either as a scheduled reminder or as a regular transaction, with Splits for Principal and Interest.
    When you make the actual payment and determine how much of it is principal and how much is interest, just create this payment transaction in your checking account and fill in the numbers. The Split definitions will look similar to the following, but you only need line 1 to transfer principal to loan account and line 2 for a category for the interest (I'm using a mortgage payment as an example here, so ignore lines 3 and 4)

  • albator159
    albator159 Member ✭✭
    edited July 2020
    I made is as a Loan account, should I restart?
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