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How to set up and record payments to a loan that I have made to someone else

drjimtim

If I make a loan to someone, do I set that up as a loav, liability , asset or somethin else. When I get a payment , how do I apply it to the loan?

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Boatnmaniac

See this Help Article: How do I set up a loan for which I am the lender? - Quicken Help.

Following this process will result in account being set up for the lender loan and a Reminder for the account the repayments will be deposited to will be generated that will include a split category for principal and interest. Enter the Reminder before it gets downloaded from the bank so when it does download from the bank Quicken will match it to the Reminder that has been entered. The repayment will then be reflected in the lender loan account register and it will reduce the amount still due to you accordingly.

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Tom Young

This will explain the process.

https://info.quicken.com/win/how-do-i-set-up-a-loan-for-which-i-am-the-lender

Boatnmaniac

See this Help Article: How do I set up a loan for which I am the lender? - Quicken Help.

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drjimtim

Got it ! thanks

Boatnmaniac

I should have mentioned that once the lender account is set up Quicken will calculate the amortization schedule (principal and, if applicable, interest) and that information will populate the Reminder split category so you will not need to manually enter that information into it.