A loan that needs to be split

debiglin
debiglin Member ✭✭
edited September 7 in Registers & Transactions (Windows)

I need a little help with setting up a loan.

I took out a 0% credit card loan for some home improvements for my home and a house I share with my sister. I have a Quicken account for the house expenses and I want to be able to track it. If I do it as just a credit card, it shows the entire amount and not just the part with my sister, then it tracks the payments I make for my house.

Anyway, I am looking for suggestions on the best way to handle this.

Thanks

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Answers

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

    OK, you've told us about the card loan. Did you create that account in Q as a card account? And all credit cards are a liabilities, so I'm unsure as to what you're saying by "card loan". Please elaborate.

    You've told us about "a Quicken account for the house expenses". Is that the same as the card account? If not, what type of account is it?

    And, pending your replies to those 2 questions, it seems that you MIGHT also need an Asset type offline account to reflect the amounts owed to you by your sister.

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

  • debiglin
    debiglin Member ✭✭

    NotACPA,

    It is a credit card loan with 0% financing for the year. We got AC units installed, so I don't think it is an asset.

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited August 7

    [Removed - Unhelpful]

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

  • debiglin
    debiglin Member ✭✭

    Well, I guess I didn't understand what you didn't understand about what I said.

    It is a credit card account.

    I have a whole separate Quicken file for the house expenses that we share. It contains the mortgage, the bank account, and a credit card account for something different. I don't know how to handle another credit card that contains both expenses for both houses.

  • Quicken Anja
    Quicken Anja Moderator mod
    edited August 7

    Hello @debiglin,

    Thanks for the details—there is one way that comes to mind to track both your portion and your sister’s within Quicken while keeping everything clear and separate.


    Here’s what I think might work:

    Use a Split Transaction Method

    You can keep it as a credit card account, but categorize your and your sister’s portions separately:

    • Create two categories (or subcategories)—one for your share (e.g., Home Improvements - My Share) and one for your sister’s (e.g., Home Improvements - Sister Share).
    • When recording charges or payments, use a split transaction to divide the amounts between the two categories based on your respective shares.

    This keeps your loan and payments accurate while still tracking your sister’s portion clearly.

    If it helps, here’s a Help Article that walks through using split transactions.

    Hope this helps! Maybe others will have different approaches to suggest as well.

    -Quicken Anja
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