Change an existing account type

Mucets

Hello forum users. How do you change an existing account type from Liability to Loan without losing any data?

Frankx

Hi @Mucets,

Can you please be more specific? 

Exactly where are you seeing an account type of "Loan" that is not under the category of "Liability"?  Also please tell us what you want to accomplish by "changing" an account type "from Liability to Loan"?

Frankx

Mucets

Okay. So when you right click on the account, you can select Edit/Delete account. It then displays Account Details. On the General tab it tells you what the Account type is. In this case it comes up as Account type: Liability. I want to change it to Account type: Loan. Or what is more commonly referred to as a Mortgage.

Frankx

Hi again @Mucets

The "Account Types" that Quicken uses are broad - so there is no "Account type: Loan", all loans are: Type = "Liabilities".

But you can change the account title (the name that you give any account) to whatever you want.  So rather than "ABC Bank Loan" you can call it "ABC Bank Mortgage" if that helps.

Frankx

UKR

Mucets said:

Okay. So when you right click on the account, you can select Edit/Delete account. It then displays Account Details. On the General tab it tells you what the Account type is. In this case it comes up as Account type: Liability. I want to change it to Account type: Loan. Or what is more commonly referred to as a Mortgage.

If I understand this correctly, you want to change an existing account, currently defined as a generic Liability account to a Mortgage account. An existing account register's Account Type cannot be changed.

In that case, to get proper tracking of the mortgage's principal, interest and escrow payments you need to

• create a new "offline" mortgage account (not connected to the mortgage company for transaction downloading). Set this up with the correct number of payments, balance, etc. as of the next monthly payment due.
• when done edit the new account's Opening Balance transaction and change the Category to make it a transfer to/from the Liability account, to zero out the Liability account's balance.

Mucets

Frankx & UKR. Thanks for your responses.