Add Earnest Loan Accounts

Andrés

Refinanced loans via Earnest (http://earnest.com) recently but came to find out Quicken doesn't have Earnest as an account to be able to connect to it.

Quicken, please add Earnest as a connection to be able to add accounts.

Or, where do we submit requests like these?

Thanks!

jacobs

The request really needs to be made to Earnest. Quicken works with any financial institution that signs on with them, but the financial institution needs to make it happen. If you and other Earnest customers lobby them to support Quicken, they might decide to do so. (It does happen.)

That said, as a practical solution, loan accounts typically don't have a lot of transactions, so it's often pretty easy to set up a recurring monthly transaction so the entries are made manually, and you just have to periodically check to see if Quicken and the real-world account are in agreement. 

Andrés

Interesting. Well that would take longer than paying off the loan. Yeah but the real benefit of Quicken is to be able to track the loan, projections, and "what if" analysis. Loans are autopaid so a bill entry is easy to setup as mentioned, but not including it as an account distorts net worth and projections.

Thanks for the note. I'd think Quicken would at least attempt to reach out to institutions for them to join and not rely solely on their costumers to bring them the institutions to sign with them.

NotACPA

If this is a mortgage type loan, Q's "Mortgage Wizard" works well.  If it's no a mortgage, it's probably a Daily interest type loan, and Q has no way of calculating the payment amortization.  You're best off just making a guess and then correcting it when you get the next statement.

jacobs

Andrés said:

Loans are autopaid so a bill entry is easy to setup as mentioned, but not including it as an account distorts net worth and projections.

@Andrés Sorry I wasn't clear in what I was suggesting. Yes, definitely set up a liability account in Quicken so you see it as part of your net worth. Set up the monthly payment transaction in your checking account as a split between principal — a transfer to the liability account — and interest expense. You will have to update the split manually to reflect the changing values of interest versus principal, but that takes 30 seconds a month to edit (and you can edit several months' splits once a quarter or whenever you want to).

Andrés

@jacobs thanks! Ok, that's a solution that works. Though I wish I could connect the account, at least I can track it this way...I didn't know that. Thank you.