I created a new home equity loan. How do I show the money was added to my savings from the loan?

vogelrich
vogelrich Quicken Windows Subscription Member ✭✭
in Download, Add/Update Accounts (Windows)

I added a new loan account using the wizard and it worked fine. I associated it with my home property account fine. The only issue is that there appears no way to link the money I was loaned to the actual loan account. I downloaded the transaction into my savings, but it's just magic money that appeared there. Is there a proper way to link the money I got from the loan to the actual loan?

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Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    What "Opening Balance" did you record in the HELoan account? Sounds like $0.

    BUT, now that the money is already in your savings account, EDIT that transaction to be a TRANSFER from the Loan account.

    IF you recorded the actual loan amount in the HELoan, delete that transaction in favor of the transfer.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • vogelrich
    vogelrich Quicken Windows Subscription Member ✭✭

    I recorded the loan value in the loan. It was a home equity loan and it does not appear to have a register I can edit. I attempted to change the savings deposit to be a transfer from the loan account, but it does not appear in my drop down selection. I noticed in the loan account, I cannot change the Hide in transaction entry lists selection as it is grayed, and it defaults to active.

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