Create a receivable loan

I would like to track a loan I made to a family member in quicken, including interest charged. I thought I found the answer, but my version of Quicken doesn't offer Asset Accounts (or I am looking in the wrong place). Any ideas? I am running Quicken Starter Edition ver R41.10 on Windows 10.
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Best Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited June 2022 Answer ✓
    You will need to upgrade to Deluxe version to set up and track Asset Accounts (which includes receivable loans).  You can upgrade now if you wish by logging into your online Quicken.com account.
    If you have questions about which features are included in each edition you might want to review the comparison chart at https://www.quicken.com/product-selector?utm_source=community+link&utm_medium=community&utm_campaign=community+cro.
    (QW Premier Subscription: R44.20 on Windows 11)
  • [Deleted User]
    edited June 2022 Answer ✓
    @boatnmaniac thanks for confirming.

    @Moira - in the meantime, if can create a loan amortization schedule in a spreadsheet, and then, if you wish, transfer this information into a cash account in Quicken to create a "pseudo loan".  If you do not have a cash account available, you can use an offline checking or savings account.  Then set up payment reminders.  It would be a split transaction for the P & I.  When a payment is made just adjust the P & I splits based on the amortization schedule you created.  Or, just simply take in each payment and not worry about the P&I split, and just keep track of the number of payments made.

    There are loan amortization schedule templates available depending on which spreadsheet software you use, or if you search online, you would be able to find templates to use.

    I know this seems like a lot of work, but it is something you can use if you decide not to upgrade.

Answers

  • [Deleted User]
    edited June 2022
    @moira - please take a look at this Quicken Help topic - 

    https://help.quicken.com/pages/viewpage.action?pageId=3217587

    I am hoping it will work for the starter version as well.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited June 2022 Answer ✓
    You will need to upgrade to Deluxe version to set up and track Asset Accounts (which includes receivable loans).  You can upgrade now if you wish by logging into your online Quicken.com account.
    If you have questions about which features are included in each edition you might want to review the comparison chart at https://www.quicken.com/product-selector?utm_source=community+link&utm_medium=community&utm_campaign=community+cro.
    (QW Premier Subscription: R44.20 on Windows 11)
  • [Deleted User]
    edited June 2022 Answer ✓
    @boatnmaniac thanks for confirming.

    @Moira - in the meantime, if can create a loan amortization schedule in a spreadsheet, and then, if you wish, transfer this information into a cash account in Quicken to create a "pseudo loan".  If you do not have a cash account available, you can use an offline checking or savings account.  Then set up payment reminders.  It would be a split transaction for the P & I.  When a payment is made just adjust the P & I splits based on the amortization schedule you created.  Or, just simply take in each payment and not worry about the P&I split, and just keep track of the number of payments made.

    There are loan amortization schedule templates available depending on which spreadsheet software you use, or if you search online, you would be able to find templates to use.

    I know this seems like a lot of work, but it is something you can use if you decide not to upgrade.
This discussion has been closed.