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Link Asset account to loan account?

lindycorp

Hi I created a loan account for an auto loan, attached to the lending service and all is good with that loan account. Am now creating the asset account. There does not appear to be any way for them to be linked - are they supposed to be linked? Or do they just both sit in the register to reflect an accurate net worth? If they are supposed to be linked — how is that done?

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Quicken Mac

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Quicken Kristina

Hello @lindycorp,

Unlike the Windows version, Quicken for Mac does not have any way for you to link a loan account to an asset account in your file. What are you trying to accomplish in your Quicken by linking the loan to the asset? For net worth calculations, just having the Asset account and the Loan account in your Quicken file should be sufficient. If it's for your own reference, to make it easier to tell which asset is associated with which loan, you can use the Notes section of the Account Settings window (click on the account to select it, then go to Accounts>Settings, and you'll see it on the Details tab).

I hope this helps!

lindycorp

Had never used the feature much so was just wondering on the Mac side. Thanks that helps!

Quicken Kristina

Thank you for your reply,

I'm happy to help!

Feel free to reach out if you have any other questions!

jacobs

@lindycorp You can just create an asset account for the total purchase price of the car. Your loan account is a liability which reduces your net worth by the amount still owed on the loan, so your net worth accurately reflects the cost of the car less what you still owe on the car loan. There is really nothing to link between the two accounts. When you make a loan payment, the liability is reduced, but the asset value isn't changed.

Some users have asked to be able to link assets to services like Kelly Blue Book, to try to accurately track in the asset account the current value of the car over time. Such a feature doesn't currently exist. To me, it's a bit of a can of worms since the KBB value may or may not be an accurate estimate of the value of your vehicle. But if this is important to you, you could look up your KBB value once a year and then enter an adjustment in your Quicken asset account to make it reflect the updated value.

lindycorp

that was my upshot. i think the idea of a link to KBB is a great idea but I get that each new feature bears a cost and complexity. tnx for the great response!