I can't find "Convert to a Lending Loan Account" in the Gear Icon

FROM QUICKEN 2013 HELP
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.

1. Add an Asset Account , where value of the asset is the amount you are lending.
2. In the final window of account setup, when you are asked Is there a Loan on this asset?, select No.
3. 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".
4. In the Convert This Asset to a Lending Loan dialog, click Convert.
5. 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.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    I don't have Q2013 installed anymore but those instructions are still relevant to the subscription model:

    You can see that "Convert to a Lending Loan" is right below "Export to Excel Workbook."  You can see the test Account I set up is a simple Asset Account. 
    You're not getting that?
  • Cliff S
    Cliff S Member ✭✭
    No, it is not there after "Export to Excel Workbook."
    See attached.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    According to the picture, this already appears to be a fully converted loan account. However, without the register view I can't say what it really is: A fully defined loan account register where you owe money or a lender loan.
    Please include an image of the complete register view with headers and columns.
  • Cliff S
    Cliff S Member ✭✭
    edited August 2021
    See attached.
    The first payment increased the loan amount balance instead of decreasing the balance...
  • Cliff S
    Cliff S Member ✭✭
    The first payment increased the loan instead of decreasing it.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    That you're showing a negative (red) balance in the account means that it's money that you OWE ...  not money owed to you.
    AND, it shows at the top of your graphic as a LOAN Account ... not an ASSET account.

    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    In other words, it looks like you set up a loan as a liability and are thinking you can covert that from a liability to an asset, and that's not how it works.
    You need to set up the asset first as a simple debit (increase) to an Asset Account.  If you didn't want to convert this to a "lending loan", that would work fine.  It's just in that case you'd have to figure out how each deposit to your bank Account (a "debit") needs to be split between principal (a credit to the Asset Account) and interest (a credit to an interest income Category.)  The whole point of "converting to a lending loan" is that Quicken will figure that split for you.
    So start again with a generic "asset" Account and you should be fine.
  • Cliff S
    Cliff S Member ✭✭
    Got it, thank you very much!!!
  • ahughes9
    ahughes9 Member
    I believe there is a bug in the current subscription version of this product, because this feature which used to be there in earlier versions, is no longer available. If one creates an asset with cash and desires to make it a loan to others, there is no option to "convert". I was able to perform this conversion in the past, but it has either been removed or is broken.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    ahughes9 said:
    I believe there is a bug in the current subscription version of this product, because this feature which used to be there in earlier versions, is no longer available. If one creates an asset with cash and desires to make it a loan to others, there is no option to "convert". I was able to perform this conversion in the past, but it has either been removed or is broken.
    More details, please.
    What version, edition level (Starter, Deluxe, etc.) and release (R xx.xx) of Quicken are you using?  
    US, Canadian or other country version?
    What is your subscription expiration date?
    Click Help / About Quicken to get this information.


  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    It would be helpful to know what version you're on.  There can be more than one "version" of "current" out there if Quicken is doing a staged release.  The ability to convert to a lending loan is still there in 34.24.
    Also, the Account has to be a generic "Asset" Account, not an asset that you've identified as something else, like a car or a house.  In the latter situation the convert to a lending loan option is removed.
  • Cliff S
    Cliff S Member ✭✭
    > @ahughes9 said:
    > I believe there is a bug in the current subscription version of this product, because this feature which used to be there in earlier versions, is no longer available. If one creates an asset with cash and desires to make it a loan to others, there is no option to "convert". I was able to perform this conversion in the past, but it has either been removed or is broken.


    My situation was like ahughes9 said, the feature was there before, but removed. At some point, (Don't recall when), started using the "Starter" version. While it still allowed me to continue to track assets connected to loans, I was not able to create new assets with loans. Once I upgraded back to the "Deluxe" version, I was able to create the new assets.
  • Cliff S
    Cliff S Member ✭✭
    See image.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    edited August 2021
    Cliff S said:
    See image.

    Your graphic tells us NOTHING.  We need the info from HELP, About Quicken that contains your Q Product, your BUILD and your "Membership Valid Thru" date.
    And, if you are indeed running Starter Edition, it doesn't support loan accounts ... as indicated in your own graphic.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Cliff S
    Cliff S Member ✭✭
    > @NotACPA said:
    > Your graphic tells us NOTHING.  We need the info from HELP, About Quicken that contains your Q Product, your BUILD and your "Membership Valid Thru" date.And, if you are indeed running Starter Edition, it doesn't support loan accounts ... as indicated in your own graphic.

    What I said, "Once I upgraded to the "Deluxe" version, I was able to create the new assets."
    ISSUE SOLVED!

    I posted the solution (and graphic) for others who are having the same problem to see.
This discussion has been closed.