How do I set up a new debt consolidation loan?

bryanmyrick70

I need to track the cash disbursements from a fixed rate amortized loan, as well as set up the loan's liability account. Setting up the loan account is simple, but I can't see the way to record the disbursements of proceeds to other accounts (or loan fees, etc.). I know this is probably simple, but I can't find the best way to do this in Quicken. I am using Quicken Classic for Windows.

Quicken Kristina

Hello @bryanmyrick70,

If I'm understanding your question correctly, you need a way to show the funds from the loan being used to pay other accounts? You can create a Cash Asset account, and set the balance of that account to match the amount of the loan funds that will be disbursed to other accounts. To do that, go to Tools>Add Account. In the window that comes up, select the Other Assets & Liabilities tab.

In that tab, select Cash.

Follow the prompts to create the cash asset. It's a good idea to give the account a name that makes it easy for you to tell what its for. Once the cash account is created, it will appear in your account list in the banking section (typically below the Checking and Savings accounts, but above credit cards). You can open that account's register and create transfer transactions to show the money being sent to the appropriate accounts.

I hope this helps!

Quicken Kristina

Thank you for the follow-up,

I'm happy to help!

If you need further assistance, please feel free to reach out!

Quicken Kristina

Hello @bryanmyrick70,

If I'm understanding your question correctly, you need a way to show the funds from the loan being used to pay other accounts? You can create a Cash Asset account, and set the balance of that account to match the amount of the loan funds that will be disbursed to other accounts. To do that, go to Tools>Add Account. In the window that comes up, select the Other Assets & Liabilities tab.

In that tab, select Cash.

Follow the prompts to create the cash asset. It's a good idea to give the account a name that makes it easy for you to tell what its for. Once the cash account is created, it will appear in your account list in the banking section (typically below the Checking and Savings accounts, but above credit cards). You can open that account's register and create transfer transactions to show the money being sent to the appropriate accounts.

I hope this helps!

bryanmyrick70

Kristina, Thank you. I wasn't sure if there was a different way other than that workaround, but thank you very much for replying with very clear instructions. This works for me! -Bryan

Quicken Kristina

Thank you for the follow-up,

I'm happy to help!

If you need further assistance, please feel free to reach out!