I set up an auto loan

mls9355 · March 12

When Quicken set up a loan and a memorized transaction can I add a tag and memo to it so I don't have to edit the entry every month?

Boatnmaniac · March 12

By "memorized transaction" I think you mean "Loan Reminder". Am I correct?

If so, then like any other Reminder, you can add a tag and memo to the Loan Reminder. Just note that you will need to wait until after the Loan Reminder is set up. Then you can edit the Loan Reminder and add that information to it. It will remain in the Loan Reminder for every payment after that unless and until you edit the Loan Reminder to delete that information or to change it.

UKR · March 13

Using Memorized Transactions is an alternative to using scheduled loan reminders.
Once loan setup is complete, you can locate the Memorized Transaction in Tools / Memorized Payee List. Edit the entry to add Memo and Tags as needed.

IMHO, Scheduled Reminders are better for use with loan payments. Reminders will tell you when a payment comes due, so you won't forget making payment on time.

NotACPA · March 13

@mls9355 IF, by "edit the transaction every month", you mean adjusting the principal/interest split, there's no way around that, except in MOST unusual circumstances.

Auto loans are almost always "daily interest loans" in that the amount of interest owed with this payment is largely dependent upon how may days have elapsed since your last payment was posted … and Q doesn't know that.

This contrasts with "monthly interest loans", such as most mortgages, where the interest is always for 1 month without regard to the month being 28, 30 or 31 days. Q, quite accurately, calculates the amortization of these.

It's extremely rare for an auto loan to be monthly interest.

I set up an auto loan

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