Need to add a loan to someone else, with no payback
I want to add a loan, or maybe line of credit is a better way to refer to it, where I'll be paying various expenses on someone else's behalf and interest will accrue but no repayment will be made. It will be settled as a debt on the person's estate when they pass away. How do I add it to Quicken and track interest and current balance?
I've seen the posts about adding an offline asset and converting it into a loan, but that requires me to enter something in the payment amount and date. Any ideas how I can accomplish this open-ended line of credit?
Best Answer
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I would be inclined to create the category like you suggested. Making it "just appear" in the register doesn't seem right to me, but if you wanted to do that you could put in the category [This Account], where "This Account" is the account, you are in.
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Answers
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We figured 0.5% monthly
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I would be inclined to just setup an account paying the expenses and then just have a monthly reminder that I where would do the math (manually) to calculate and add in the interest. There isn't really any reason to set it up as a loan because there isn't any kind of "periodic predictions" you can make on it.
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That makes sense. I was hoping to simplify or automate the way I add the interest transaction every month, and also wanted to be able to pull a report straight out of Quicken in case any of the other heirs wanted documentation on the loan. But maybe I’m overcomplicating things. I will create a category like “loan to estate“ for any transactions on the loan and export them to an excel file to add the interest. Or is there a way to add a transaction in that category directly in Quicken for the interest even though it doesn’t come from one of my accounts?
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I would be inclined to create the category like you suggested. Making it "just appear" in the register doesn't seem right to me, but if you wanted to do that you could put in the category [This Account], where "This Account" is the account, you are in.
Signature:
This is my website: http://www.quicknperlwiz.com/0 -
I’ll give that a try. Thanks!
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