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

Herb Wall

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.

Sherlock

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

Sherlock

Herb Wall said:

Thanks for your additional response. I was able to set up the loan account. It only includes the interest paid and not the entire principal and interest per payment. How can I change this to reflect both ?

If you set up the loan account as described in the step-by-step instructions provided earlier, the loan account should track the principal balance.  The loan payment transaction you deposit in the payment account will track the interest and principal.  One way you may enter the loan payment transaction is to open the loan account, press Ctrl + Shift + N, and select Enter Loan Payment.

Chris_QPW

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.

Frankx

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

Herb Wall

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

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

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

Herb Wall

Thanks for your additional response. I was able to set up the loan account. It only includes the interest paid and not the entire principal and interest per payment. How can I change this to reflect both ?

Sherlock

Herb Wall said:

Thanks for your additional response. I was able to set up the loan account. It only includes the interest paid and not the entire principal and interest per payment. How can I change this to reflect both ?

If you set up the loan account as described in the step-by-step instructions provided earlier, the loan account should track the principal balance.  The loan payment transaction you deposit in the payment account will track the interest and principal.  One way you may enter the loan payment transaction is to open the loan account, press Ctrl + Shift + N, and select Enter Loan Payment.