Quicken for Mac - missing feature cannot convert asset into a lending loan workaround

avic
avic Member ✭✭
on the Windows version of Quicken you can convert an "asset" account into a "lending loan" where you are the lender of the money and someone else is the borrower.

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

however, this feature is NOT available for the Macintosh version of Quicken

please go here to vote for this feature:

https://community.quicken.com/discussion/comment/20135555

the way I worked around this missing feature was to follow the instructions here:

https://help.quicken.com/display/MAC/FAQs+for+managing+loans

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A lending loan is a loan for which you are the lender and someone is paying you back. In Quicken, a lending loan is treated as an asset with a positive balance.

To track this loan:

Add an asset account, where the value of the asset is the amount you lent.

Add a transaction to the account where you will deposit the repaid amount, usually a checking account.

Add a split to this transaction. Add the principal and interest amounts separately. Transfer the principal amount to the asset account to keep track of the amount repaid.
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I then edited the bank account transaction that gave the money to the borrower and changed it to a transfer into this new asset account, which created the initial balance for the loan.

however, you cannot NOT convert the asset to a lending loan (as can be done in the Windows version), and therefore you cannot not enter loan terms, and get Quicken to compute the amortization payment schedule,

one recommendation was to use an online loan calculator and print the payment schedule and use that for each split transaction.... pain in the you know what.

Therefore for my workaround, I created an additional offline loan (as if I am the borrower, not the lander) and moved it to a separate account (so it does not affect my total balances, reports, etc)

that allowed me to enter the loan terms, and see payment amortization schedule, etc for this separate loan account right in Quicken, without having to print and keep track of yet another piece of paper.

not ideal, as I now have to do double entries:

one in the separate loan account to match the amortization schedule

and one manually entering the split payment into the asset account as described in the link above.

hope this helps others.

but please please please vote to add the convert asset to lending loan for the Macintosh version.
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