How To Handle Different Types of Loans
- Handle a loan with negative amortization
During Loan Setup, enter the length of the loan (the period when you are making payments) as the Original Length of Loan. In the Set Up Loan Payment dialog, enter the interest rate, and then change the principal and interest amount to the amount you are paying. If this isn't enough to cover the interest on the loan, the payment schedule shows that you owe more at the end of the payment period than the original amount of the loan.
You can also adjust the repayment amount on a one-time basis in the Confirm Principal and Interest dialog when entering a payment in your register.
If you know when your repayment amount is due to increase, enter this change in the Loan Rate Changes dialog. The payment schedule now shows a reduced, or zero, ending balance on your loan.
- Handle a zero-interest loan
Enter 0 as the interest rate when you are setting up the loan.
To keep Quicken from displaying a zero amount for the loan's interest in your reports, do the following:
- On your keyboard, click on Ctrl+H.
- Click Edit Payment.
- In the Category for Interest field, delete any information.
- Click OK.
- Handle a loan for which I am the payee
- During Loan Setup, choose Lend Money for the type of loan.
- At the end of the Loan Setup process, fill in the Set Up Loan Payment dialog:
- Type: Deposit (automatically selected)
- Payee: Name of the borrower
- Category for Interest: Name of an income category
- In the View Loans dialog, click Make Payment when you receive a payment.
- Click Regular to record a regular payment, or click Extra to change the amount so it includes additional funds you're receiving toward the principal.