› ›

Loans forcing category for principal for Quicken for Mac 2017 and 2018

Eagle22Eagle22 Member ✭✭
edited August 2018 in Errors and Troubleshooting (Mac)
Would anybody else like to be able to categorize Loan Principal in your own category instead of forcing the category for loan principal to "Loan:Principal" category. This means all loan principals fall into a single category which does not really reflect what the loan was for.

As an example if I have education loan as well as auto loan I would like to be able to categorize the two loan principals in separate categories.

What I do now is adjust the category after the scheduled loan payment is made.

It works this way on Quicken Mac 2017 as well as Quicken Mac 2018

Comments

  • John_in_NCJohn_in_NC SuperUser ✭✭✭✭✭
    edited August 2018
    I won't talk trash about the new loans feature as I am sure there are some people who benefit from it. It works, but I don't like the cookie cutter approach as loans are different, and different people have ways of categorizing things. People who cried 7 years for this are suddenly crying that the program isn't calculating interest the same strange way their particular bank does.

    I tend to favor manually creating a a liability/asset account where you can control everything the way you like. Sure, you will have to come up with the values (or use data from your statements). But, you have control, and you have an account you can reconcile. You won't have the graphs, but I don't know how important that is to you.
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited October 2017
    John in NC said:

    I won't talk trash about the new loans feature as I am sure there are some people who benefit from it. It works, but I don't like the cookie cutter approach as loans are different, and different people have ways of categorizing things. People who cried 7 years for this are suddenly crying that the program isn't calculating interest the same strange way their particular bank does.

    I tend to favor manually creating a a liability/asset account where you can control everything the way you like. Sure, you will have to come up with the values (or use data from your statements). But, you have control, and you have an account you can reconcile. You won't have the graphs, but I don't know how important that is to you.

    In QM2007 you have real loans amortization BUT you retain complete control over editing transactions as needed...there is no reason why it cannot be done the same in QM2018+.

    If you find this reply helpful, please be sure to click "Like", so others will know, thanks.

    (Canadian user since '92, STILL using QM2007)

    Have Questions? Check out these FAQs:
  • mistertheplaguemistertheplague Member ✭✭✭
    edited April 2018
    John in NC said:

    I won't talk trash about the new loans feature as I am sure there are some people who benefit from it. It works, but I don't like the cookie cutter approach as loans are different, and different people have ways of categorizing things. People who cried 7 years for this are suddenly crying that the program isn't calculating interest the same strange way their particular bank does.

    I tend to favor manually creating a a liability/asset account where you can control everything the way you like. Sure, you will have to come up with the values (or use data from your statements). But, you have control, and you have an account you can reconcile. You won't have the graphs, but I don't know how important that is to you.

    In QM 17-18 it'd be great to be able to schedule the split payments the amortization table comes up with, rather than having to schedule an approximation and edit every month. My opinion.
Sign In or Register to comment.