FAQs for managing loans

This section lists some of the most frequently asked questions about managing loans in Quicken.

How do I change the principal and/or interest amount?

You need to manually edit the splits of the transaction you scheduled for the loan repayment. Enter the new principal and interest amounts and save the transaction.
Note: The updated principal and interest amounts will be applied from the next schedule.

I transferred my loan to another lender. Can I change the loan payee? How will it impact my loan history?

Yes. You can change the loan payee by editing your transaction. However, we do not recommend that you change the payee, as the new payee name will be applied to all the past transaction records as well. This might lead to incorrect loan repayment history.
In case you transfer your loan to another lender, you can add a new scheduled transaction with the same split categories and the new payee name. This will help you easily track your loan history.
Whenever you want to review the details of this loan, you can search for the transactions by category.

Can I add a loan reminder?

Yes. You can add a loan reminder by adding a recurring schedule to the transaction you created for loan repayment.

Can I get a report on the amount paid as interest and/or principal?

Yes. You can get custom reports on the amount paid as interest and/or principal:

1. In the feature bar, click the Reports menu, then select the standard Category Summary report.
2. Click Customize at the top right of the report window.
3. Depending on whether you want a report on the interest or principal or both, select the categories Loan Interest, Loan Principal, or both.
4. Select the checkbox Save as custom report and provide a name for your report.
5. Click OK. The new report is displayed in the Reports list.

Can I set up a loan for which I am the lender?

Yes. A lending loan is a loan for which you are the lender and someone is paying you back. In Quicken, a lending loan is treated as an asset with a positive balance.
To track this loan:

1. Add an asset account, where the value of the asset is the amount you lent.
2. Add a transaction to the account where you will deposit the repaid amount, usually a checking account.
3. Add a split to this transaction. Add the principal and interest amounts separately. Transfer the principal amount to the asset account to keep track of the amount repaid.

What do I do with paid-off loan accounts?

We recommend that you don't delete the paid-off loan accounts. You can hide them.

Can I access/export my payment schedule?

Yes. If you have set up a payment schedule for your loan, you will see a View Payment Schedule button on your loan dashboard. Selecting that will bring up your loan schedule. It can be exported to a CSV file by selecting the Export button at the top right corner of the schedule. If you have a connected account, you can also export related bank transactions.