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Please add an "annual" option to the compounding period setting/offline loan set up [Edited]

When adding an account/offline/loan the compounding period options are daily, monthly and semi-annual. My loan compounding period is per annum. I need an annual option. Who can add this option, when and thank you!
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  • FrankxFrankx SuperUser ✭✭✭✭✭
    Hi @drabtouri,

    Let me say first that I am a long-time user of Quicken, so I think I know the Quicken features pretty well.  As far as I know, Quicken doesn't have an option for "per annum" compounding. So, if that is a significant issue for you, I am afraid that it may present a problem for you.  I took a quick look at the options available when setting up a loan and I agree with you that there is no "annual" option.

    All that being said, I can't think of a loan that I've had, or seen in my business experience, that actually had annual compounding.  Not sure of why that might be but I might make a guess that these types of loans are not common.  I've also never seen loans that compound on a 2 year basis, or a 15 day basis either, which also might be  because that isn't common, I just don't know.

    In any event, a loan typically is an agreement between parties where all the facts are known, and therefore all computations can be made - manually, by computers, by amortization tables, or otherwise.  So I would suggest that you will likely need to make manual entries into Quicken to record the loan amortization of your loan.

    Take care.

    Frankx


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  • drantouridrantouri Member
    Thanks Frankx for your input, experience and suggestion. I appreciate it. That is not my solution. I need someone at Quicken to remedy this by simply adding this option. I am not the first and won't be the last to have this problem. Unlike you I have seen per annum compounding interest. This is not comparable to sending a man to mars. I know there are some talented people in Quickin that can easily and quickly add an annual option. Thanks in advance to those that can help.
  • FrankxFrankx SuperUser ✭✭✭✭✭
    Hi again @drantouri,

    Just curious - what are the repayment terms of your loan - i.e. how many payments are you making per year and when (quarterly, monthly, weekly, daily)?

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Like" (below), so others will know! Thank you.  -
  • Chris_QPWChris_QPW Member ✭✭✭✭
    @Quicken_Tyka Can you please change this to an idea so people can vote on it?
    Thank you.

    drantouri said:
    Who can add this option, when and thank you!
    Only the developers/Quicken Inc.
    drantouri said:
    That is not my solution. I need someone at Quicken to remedy this by simply adding this option.
    When this thread is changed into an Idea people can vote on it and that is one of the factors that Quicken Inc will use to decide if they want to add it.

    Personally I doubt they will add this any time soon if ever.
    I think you should be thinking about alternate solution like @Frankx suggested.
    (I'm using the latest Quicken subscription version)
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