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

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

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited November 22
    Jww1972 said:
    Can I use Quicken Deluxe to track a personal loan made to someone
    Yes.  If you haven't already, you may want to review the Help documentation on the subject: https://help.quicken.com/pages/viewpage.action?pageId=3217587
  • volvogirl
    volvogirl SuperUser ✭✭✭✭

    Put "Lender Loan" in the Quicken search box in the program.


    See if my old notes still work or there might be a newer way....

    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.


    Add an Asset Account , where value of the asset is the amount you are lending. 

    In the final window of account setup, when you are asked Is there a Loan on this asset?, select No. 


    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. 


    In the Convert this Asset to a lending loan dialog, click Convert,

    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. 

  • Jww1972
    Jww1972 Member
    Thank you volvogirl, I did not look for your old notes, but it did work with you instructions above.
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Those instructions are my old notes.