Can I use Quicken Premier to track a personal loan made to someone

I just recently completed the paperwork for a personal loan to a family member and would like to track it through Quicken Premier. Is that possible or will I need to add the business version to Quicken ? Please advise.

Answers

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Create an an offline Asset account with the balance starting at what you loaned.

    Select no for "Is there a loan on this asset?"

    Go to the account register and select the Gear icon in the upper right and then -> Convert to Lender Loan.

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    (I'm always using the latest Quicken Windows Premier subscription version)
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  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @Herb Wall,

    Yes - you can use Premier to setup and track a lending loan in Quicken.  You just need to set-up the account as an "asset" type account - under the "Property & Debt" section.  Once you setup a basic asset account for the total amount that you are owed, you'll be able to convert to a "lending loan" by clicking on the "Gear" icon in the upper right of the register and selecting "Convert to a lending loan" - see SNIP below



    Let me know if you have any followups.

    Frankx

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  • Herb Wall
    Herb Wall Member ✭✭
    I followed your instructions and set up the loan in Quicken Premier, but could not find a drop down in the menu that allowed me to "Convert to a Lending Loan". Did I do something wrong?
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited November 18
    Herb Wall said:
    I followed your instructions and set up the loan in Quicken Premier, but could not find a drop down in the menu that allowed me to "Convert to a Lending Loan". Did I do something wrong?
    If you haven't already, you may want to review the step-by-step instructions provided in the Help documentation on the subject: https://help.quicken.com/pages/viewpage.action?pageId=3217587
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @Herb Wall

    It is difficult to know what you actually did or did not do, based on what you've told us.  

    Did you successfully setup the asset account for the amount you were owed?  Did you see this screen below??

    COPIED FROM PRIOR POST
     Once you setup a basic asset account for the total amount that you are owed, you'll be able to convert to a "lending loan" by clicking on the "Gear" icon in the upper right of the register and selecting "Convert to a lending loan" - see SNIP below

    If not what are you seeing? and what happens when you clock on the "Convert to a lending loan??  Are you sure you setup the "asset" account in Quicken?

    Frankx

                      Quicken H&B-Subscription Ver. 34.24 - Windows 10-Home Version
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -