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Loans start on date added instead of origination date

Hello,

Very new to Quicken. I've set up all of my liability accounts (live connection), including some long-term loans on latest version (Quicken 2020 R28.28), Windows.

I've also set up a simple Net Worth chart on the Home tab, and only issue I'm having is that the loans show up as a Liability only for the current month (date added), rather than the origination date (a few years ago). In other words, there is a sudden spike in Liabilities for the current month rather than "backfilled" up to the origination date.

[Screenshot of Net Worth by Assets and Liabilities chart on Home]
https://imgur.com/a/610XS1P

Any way to include it in Liabilities since the origination date? There is no way to adjust transactions here as it is a loan account.

Answers

  • hamlettonhamletton Member
    Example for further clarification:

    [9/19/2015] Loan/Liability starts with $1000 principal (assume 0% interest)
    [9/19/2020] User starts using Quicken, adds loan via live connection

    Actual: User's Liabilities shows $0 prior to 9/19/2020, and $1000 for September 2020 onwards.

    Example: Loan starts based on origination date. User's Liabilities should show $0 prior to 9/19/2015, and $1000 for September 2015 onwards.
  • hamlettonhamletton Member
    Figured out a simple workaround:

    - Create a new liability account (I named it "Liability Historical Adjustment")
    - Set to Manual, with Opening Balance for origination date based on the Current Balance
    - Create a new transaction Closing Balance for the current month that Quicken is set up, so it balances to $0

    Liabilities now show the loan for the full history of it.
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