Using Loan Management in Quicken for Mac 2017
(Please note these features are currently only available on Quicken for Mac 2017, 4.5 or higher)
Adding a Loan
When you get started you can add a loan manually or download the data from your financial institution. The setup is identical to adding your other account details, such as your banking and savings data.
The only difference is that you will need to choose your type of loan from the dropdown menu. If you connect your loan, Quicken may change the type based on the information provided by your financial institution.
You can also add the loan manually, in which case the defaults will be set based on the type you select.
- Home Equity
Once you are done adding the loan, you will be able to start adding details, regardless if you add it manually or automatically.
Deleting a Loan
If you finish paying off a loan, you can delete it (although this is not recommended), or you can delete a loan if you add it more than once.
- Right-click on the loan title on the side menu, and select Delete “Loan Name”.
- Click the Delete to finish the task.
Convert to Loan
If you’ve been tracking your loan using a liability account, you may want to convert it to a loan account to get all of the benefits of loans. You can convert existing liability accounts into the loan tracking feature through the Convert to Loan button.
The first way to convert a liability to a loan happens the first time you open the liability account after upgrading to Quicken with the loan feature. When you do, the following screen appears:
Click on the Convert to Loan Account button, and the program will walk you through adding a loan.
If you don’t feel like converting your account now, you can make the transition later. Complete the following steps to make the conversion once you have the time to complete the process.
- Right click on your Liability loan and select Edit “Liability” Settings….
- The following screen opens. Click on the Convert to Loan button.
- You will be given a chance to quit the conversion if you don’t want to make the change. If you are sure you do want to, click Convert to Loan.
- Make any changes you would like on the updated window. It looks similar to the one you were just on, but now the Type is LOAN.
- Click Save.
From there, you go through the same steps as if you were adding a loan. Quicken will automatically populate some of the fields from the liability entry, such as your current balance. You can make all of the same changes as you would with a completely new loan.
When you click on the gear on the initial screen or from the main page, you can update some of the basics about the loan.
At your financial institution – If you added the loan manually, you can go in and link to the account so that your remaining balance can be downloaded automatically for you. Remember, this is not your payment information, which updates based on your banking information and bill payments.
Account Name – You can change the default name to something that can more easily identify the loan.
Description – You can add some details to help you remember what the loan is (it’s a great way to distinguish between different loans of the same type, like two car loans, you can add details here to more quickly determine which car is being tracked).
Currency – If the loan is in a different currency, you can change it from USD to whatever the currency should be for the loan.
Type – This is not changeable on this menu, but you can update it from the Add Loan Terms button (if you have not set up your loan details yet) or from the Edit Loan and Payment Terms on the main page of the loan.
Convert to Liability – If you decide you don’t want to track details of your loan, you can convert it to a liability account.
Credit Limit – This is not applicable for loans.
Notes – You can add any notes about the loan that will help you remember things that you may otherwise forget, such as payoff goals.
Scheduled Transactions – You can show or hide payments in the account register.
Hide Account – You can hide the loans on the left menu if you don’t want it to display with your other accounts. You can also hide loans that you have paid off, but you don’t want to delete so that you can save them for your records.
If you make any changes, make sure to click Save when you are done.