Category to use when taking funds from savings and loaning to a 3rd party

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michaelzarrella
michaelzarrella Member ✭✭
edited September 2022 in Download, Add/Update Accounts (Windows)
I have a saving account in Quicken which I use to auto pay montly bills and transfer funds to my other accounts (checking etc.) I recently withdrew from this account and set up a personal loan to a 3td party in Quicken. I set it up on Quicken and everything with the loan setup in Quicken is fine. I just do not know which category to use for the withdrawal of the funds from the savings account.
Any suggestions???/

Best Answer

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
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    Look in Q Help, or this forum about "Lender Loans".  The amount you took out of savings is NOT an expense, it's a transfer to a that new Loan account.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
    Options
    Look in Q Help, or this forum about "Lender Loans".  The amount you took out of savings is NOT an expense, it's a transfer to a that new Loan account.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • michaelzarrella
    michaelzarrella Member ✭✭
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    NotACPA, Thank you. I knew it wasn't an expense, just didn't know how to catagorize the payment to the 3rd party. I changed the category to relect a "transfer" to the loan account. That worked great. Thanks again.
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