Creating Promissory Note (Q Mac)

Question

Using Quicken Deluxe for Mac Subscription

Found discussion in 2018 referring to creating Lending Loan. However not finding it in current Quicken. I want to add 5 year Promissory Note which accrues monthly interest and fixed monthly principal payable to me. Any workaround solutions?

jacobs · Accepted Answer

Quicken Mac does not have automated support for lender loans.

But you can create an asset account to do it manually. You could create a scheduled monthly transaction in your checking account which contains a split line for interest income and a split line to transfer to the asset account. You'll just have to adjust the split values yourself. Got to any free website which calculates the amortization on the loan, and print out the schedule showing the monthly interest and principal for the duration of the loan. Each month, when you mark the scheduled transaction as Deposited, you can edit that transaction to adjust the split amounts per the schedule. Or it you don't want to mess with it each month, you could do it quarterly or just at the end of the year — but the point is that it will take you less than 10 minutes each year to update the split amounts.