Quicken Classic B&P: Making a Loan
I have a Self Directed IRA that I make loans out of, and I like to keep track of them. Fortunately Quicken allows you to “Make” a loan, but it isn’t well documented.
There are still a few things I haven’t figured out, but I figured I’d put this out to help anyone who wants to do something similar. Hopefully y’all can figure out how to use this feature more effectively.
Creating the Make Loan Account
Create account by going to Tools -> Add Account
You’ll see something similar to this:
Select Other Assets & Liabilities at the bottom of the popup to select that group
The following window shows up. Select Assets.
Type in an Account Name, and then select next:
Enter the Date, do NOT enter Asset Value, and select next:
On the next screen select No for having a loan against this asset, and select next:
This closing window will allow you create another account or Finish
The account is now created.
Modify the account to Lending Loan
Select the account in the Property & Debt section of Accounts.
Then go to the upper right hand corner of the account ledger and select the gear to have the menu drop down with the options you need.
Select to Convert to a Lending Loan
Now you have a Loan Maker account.
Transfer Money In
Next transfer Money in from the account you are loaning it from.
Issues
I haven’t figured it all out yet. As you can see from above, I can create the “make loan” account, transfer money into it, and track payments, but when it is paid off, the interest seems to be a negative value!
Anyone know how to make this more friendly?
Keys to figuring it out (thus far):
- Baseline info from Quicken Community
- I decided to make the loan value $0.00 so I can transfer money from an account into the loan
