How do I set up a receivable account?

RachelC.

I loaned my child money (interest free) and would like to track the payments and balance in Quicken. I have Quicken Classic Premier (for Mac). Please be specific since I'm a new user. TIA!

NotACPA

A receivable account is simply an Asset account.

When you made the loan, record it as a Transfer into that account.

As your child makes payments, record them as coming FROM that account into your banking account.

NotACPA

A receivable account is simply an Asset account.

When you made the loan, record it as a Transfer into that account.

As your child makes payments, record them as coming FROM that account into your banking account.

RachelC.

Thank you very much. It's a Cash Asset account then?

volvogirl

Will you always be depositing the payments in a bank account? Then the deposit will be a Transfer to the loan receivable account. If you get cash and don't deposit it I guess you will need to set up a separate Cash Account to transfer it to the loan account.

NotACPA

@mshiggins Since the OP stated that the loan is Interest-free, I didn't see the need for a Loan-type account.

@RachelC. A Cash account would work well, and is simpler than a "Lender Loan" account, since there's no interest to be calculated.

RachelC.

Thank you all so much!

jacobs

A Cash account would work well, and is simpler than a "Lender Loan" account, since there's no interest to be calculated.

@NotACPA Just FYI, lender loan accounts don't yet exist in Quicken Mac, although the developers have it marked as a Planned future feature.

So whether there is interest or not (as in this case), in Quicken Mac the options are to create a Cash or Asset account for the loan amount and record payments as reductions of the cash/asset account. If there is interest, it must be calculated manually, and can be recorded as a split in the deposit transaction (one split categorized for interest income, one split as a transfer to the cash/asset account for the principal repayment).