Add a liability account

Use a liability account in Quicken Classic for Windows to track money you owe that isn’t tied to a traditional loan or credit card. This account type helps you manually monitor balances and payments for personal debts or nonstandard obligations.

What is a liability account?

A liability account is designed for debts that don’t fit the structure of a regular loan. These accounts do not include automatic payment schedules or amortization features.

Note: Use the Loan account type for mortgages, auto loans, and other formal loans. Use Credit Card for revolving credit accounts.

Common use cases

Use a liability account to track:

• A personal loan from a family member or friend

• Money you owe to someone for a shared expense (such as covering a vacation or purchase)

• A balloon payment that doesn't follow a monthly loan schedule

• A debt settlement or court-ordered payment without a traditional lender

• A manual record of an external loan where you don’t want or need to use Quicken’s loan features

How to add a liability account

Follow these steps to create the account:

1. Select the + button in the Account Bar or choose Tools > Add Account.

2. In the Add Account window, go to the Other Assets & Liabilities tab.

3. Select Liability from the list.

4. Enter an account name that clearly describes the debt (for example, Loan from Parents or Medical Payment Plan).

5. Enter the amount you currently owe.

6. Enter the as of date—usually today or the date the balance began.

7. Select Next, then review the details and select Finish.

After setup

Once created, the account appears in the Account Bar under liabilities. You can:

• Manually enter payments and reduce the balance over time

• Adjust the balance if needed

• Include or exclude the account from reports and net worth calculations

This account is not connected to any financial institution and won’t download transactions automatically.