Overdraft Checking account

kmon
kmon Member
I have a overdraft checking account set up and it shows this loan is paid off. The account is still active and used at times in future. How do I get rid of loan paid in full, instead of account remaining active?

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited December 2021
    What's the Account Type?
    If it's been set up as a Loan / Mortgage account, then the message is correct. As soon as a loan hit's zero, it's paid off and cannot be reused to borrow more money.
    A Line of Credit - type account like yours should be set up as a Credit Card account in Quicken so that you may take money out, pay it back and then repeatedly take more money out, pay it back, etc.
    If your account is defined as a Loan, create a new "offline (aka manual)" Quicken account register of Type = Credit Card (or even Checking) and use it to manage your loan.
  • kmon
    kmon Member
    Thanks for you response. I actually had an account initially set up as credit and it worked fine for a long time. After one of the updates, it changed to loan paid off. By the way, this account was set up to update automatically with my checking. After this happened, I set up a new account as a liability and the same thing happened. Again account was set up to automatically update.
    I guess the only way to get what I need now is to do an offline account as you noted.
This discussion has been closed.