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!
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.
Thank you very much. It's a Cash Asset account then?
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.
@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.
Thank you all so much!
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).
