How do I override Quickens determination that a loan should be paid off?

LindaNMA
LindaNMA Unconfirmed, Member
I'm trying to convert an asset account into a loan for money I lent someone. The loan should be paid off, but it isn't, because I gave them a 1 year deferral for Covid. How can I get Quicken to let me create the loan account anyway? If it generated the amoritization, then I could change the dates to reflect the actual payments dates.
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Answers

  • Mark1104
    Mark1104 Member ✭✭✭✭
    i think the problem is that QUicken will only track loans you owe someone else, not money owned to you.  So from your perspective it's an 'other asset' account - not a loan account. 
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    An asset account can be changed into a Lending Loan account.
    After the asset account is setup, select the gear icon and then "Convert to a Lending Loan..."
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  • LindaNMA
    LindaNMA Unconfirmed, Member
    I attempted to use "convert to a Lending Loan", but based on the amount and loan length, it won't allow me to continue because Quicken thinks the loan should be fully paid already. It asks me to change the loan description (i.e. change the due date). The loan isn't paid. I was hoping to use QB to track of how far behind in their payments they are.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    When you gave the person a 1-year deferral did you also defer the interest?
    If so, then you should be able to just change the opening date to that deferral date.

    Quicken doesn't allow for non-continuous loan calculations, it also doesn't allow for interest only loans, but if you deferred the both the payment and the interest then the loan is just the amount remaining, starting at the date the loan "resumed".
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