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Loan making capability and tracking (Lender Loans in Q Mac) (3 merged votes)

unclekrustyunclekrusty Member ✭
edited September 2020 in Budgets and Planning Tools (Mac)
I want to be able to enter personal loans made where I am lender and not borrower. If it could track interest and principal payments in appropriate accounts and have the ability to accept and amortize extra principal payments as well. Being able to print an amortization table upon setup too would be handy.
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  • UnknownUnknown Member
    edited December 2018
    When will Quicken for Mac have the "lender loan"  feature that Quicken for Windows has? (This is an ASSET account with loan details, amortization schedule, automatic generation of split transactions from the amortization table)  Quicken 2018 Deluxe Version 5.6.1
  • RickORickO SuperUser, Mac Beta Beta
    edited May 2018
    Richard, Quicken never announces the timeline for future enhancements in advance, other than in the most general way. I know this has been discussed, but there's really no way of knowing when it might happen.

    You can go to this thread and click the VOTE button to add your vote for this functionality:

    https://getsatisfaction.com/quickencommunity/topics/loan-money-out-to-others-for-mac-2017
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited November 2019

    Richard, Quicken never announces the timeline for future enhancements in advance, other than in the most general way. I know this has been discussed, but there's really no way of knowing when it might happen.

    You can go to this thread and click the VOTE button to add your vote for this functionality:

    https://getsatisfaction.com/quickencommunity/topics/loan-money-out-to-others-for-mac-2017

    Hopefully the Mac lender loan implementation will be better than the Windows lender loan feature.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • UnknownUnknown Member
    edited January 2019
    Is there a way to set up a lender loan that tracks interest received for tax purposes and allows pre-payments ? This is using Quicken 2019 for Mac.
  • RockyMtnManRockyMtnMan Member ✭
    This is possible in the Windows version, and needed in the Mac 2019 Premier version as well.
  • LarryBeattieLarryBeattie Member ✭
    using Quicken Mac 5.13.3 there in no entry for lender load when I do a search for the subject. What now?
    Larry
  • Quicken_TykaQuicken_Tyka Moderator mod
    Hello @LarryBeattie

    Thank you for taking the time to visit the Community to post your question, although I apologize that this feature isn't currently offered.

    I have moved your post to the ongoing Idea thread to add the ability to create a lender loan in Quicken for Mac.

    Be sure to navigate to the top of this post and click the up arrow to add your vote!


    Ideas are reviewed by our development team to see what people would like to be available in the future.

    Thank you,

    -Quicken Tyka

    ~~~***~~~
  • Mike_jMGSMike_jMGS Member ✭✭
    FYI Quicken Mac 2007 had this capability. Yes, we could do this 13 years ago and now that I "upgraded" to 2020 I'm paying for a downgrade in basic features.
  • bbrierbbrier Member ✭
    I add my vote that this is a big problem and need to be fixed. Thanks.
  • JIm34JIm34 Member ✭✭
    Please add this function ASAP. It was in other versions of quicken years ago!
    Thanks!
  • LarryS103LarryS103 Member ✭✭
    edited September 2020
    the list of 2020 features says that it handles loans, which I read to be either to people or from people.. If not true use words to differentiate. [Removed-Unhelpful]
  • LarryS103LarryS103 Member ✭✭
    The site says support is available for chat. I click on the Mac option, and several options are shown, but none of those links work.
  • Quicken_TykaQuicken_Tyka Moderator mod
    Hello @LarryS103

    Thank you for taking the time to visit the Community to post your question, although I apologize that lender loans are currently unavailable in the Quicken for Mac product.

    I have moved your post to the ongoing Idea thread to add the ability to create a lender loan in Quicken for Mac.

    Be sure to navigate to the top of this post and click the up arrow to add your vote!


    Ideas are reviewed by our development team to see what people would like to be available in the future.

    In regards to chat, please ensure that pop-ups are enabled, if you still encounter issues, please take a moment to review the steps and information available here.

    Thank you,

    -Quicken Tyka

    ~~~***~~~
  • jacobsjacobs SuperUser, Mac Beta Beta
    edited December 2020
    @LarryS103  While Quicken Mac doesn't have automated features for lender loans, it's pretty easy to use Quicken to track a lender loan. You'd create an asset account for the loan you made to someone. The initial loan amount would be a withdrawal from the checking or savings account you made to provide the money, and in Quicken you'd show this as a transfer to the asset account to establish the loan. Each time you receive a payment, you record the payment as a deposit in your checking account, with a split to (1) transfer to the asset account to reduce the loan principal, and (2) record the interest income.

    How you calculate the interest depends on the terms of your loan. Is it calculated as simple annual interest? Monthly? If you're doing it based on monthly balance, like a home mortgage, there are many free online loan amortization calculators that can generate a table showing interest and principal splits through the life of the loan. If you are receiving regular payments, you can set up your deposit as a scheduled transaction, and after each transaction, you can edit the split to reflect the proper values for interest versus principal). While this isn't automated, once you have a schedule of interest printed out, it takes only a few seconds a month to adjust the latest split entry.
    Quicken Mac Subscription • Quicken user since 1993
  • doubletdoublet Member ✭
    I need to create a Lender Loan to track interest and payments. I have seen how-to instructions for creating on Windows, but the same process doesn't work on the Mac. When I create the assets, there is no option to convert it to a Lender Loan. I looked at setting up a loan but can not use negative numbers. Any Idea?
  • Quicken_TykaQuicken_Tyka Moderator mod

    Hello @doublet

    Thank you for taking the time to visit the Community to post your question, although I apologize that this feature isn't currently offered.

    I have moved your post to the ongoing Idea thread to add the ability to create a lender loan in Quicken for Mac.

    Be sure to navigate to the top of this post and click the up arrow to add your vote!


    Ideas are reviewed by our development team to see what people would like to be available in the future.

    Thank you,

    -Quicken Tyka

    ~~~***~~~
  • UKRUKR SuperUser ✭✭✭✭✭
    edited December 2020
    doublet said:
    I need to create a Lender Loan to track interest and payments. I have seen how-to instructions for creating on Windows, but the same process doesn't work on the Mac. When I create the assets, there is no option to convert it to a Lender Loan. I looked at setting up a loan but can not use negative numbers. Any Idea?

    In case you missed it, there was a response from @jacobs a while ago (scroll up in this discussion) which described what you have to do to work with Lender Loans in Q Mac for now.
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