Change compunding period on a loan

Are you asking if the loan setup criteria can be changed after the loan is created? The answer is yes. You can Edit the loan in the same Loan Wizard you used to create the loan.

If you are asking if you'll be guanteed to get the correct results; that's more problematic. I have done it as a test in one or two versions of Quicken, and gotten correct results; I've not tried it in Q2009.

If you have allowed Quicken generated payments to be placed in your Quicken registers, they'll likely be incorrect. You could modify them individually to agree with the correct Loan Payment Schedule, or you could probably delete them, reset the next payment date, and have Quicken regenerate them (if you are using scheduled payments). But if you delete register payments, you will lose the posting date and downloaded status of any payments that you downloaded from your fi.

If you backup before you do anything, you can experiment all you like, until you get the results you want ... or revert to your backup.

Thank you. Found it buried in the net worth drop down menu. Appreciate it.

I don't know what I am doing yet with tracking, I just got all the other stuff figured out and am venturing into this area. My payments from my credit union is automatic, so not sure about setting up bills. Anyways.. thanks

At the conclusion of the Loan Setup Wizard, you get the chance to "Edit Loan Payment" where there is a button for "Payment Method".

In the ensuing dialog, you can choose to setup a Memorized Payee or a Scheduled Bill for the loan payment.

I would choose a Scheduled Payment that automatically entered my register on the day, or one day before, the credit union takes the payment from your real world account.

Then when you download the actual payment, it will "Match" the transaction already in your Quicken register; and when you "Accept" that downloaded transaction, it will only modify the "Posting date" and "Downloaded" status (hidden characteristics of Quicken transactions) of the existing register transaction.

By allowing Quicken to create the original entry in your register (before you "Accept" the downoaded transaction), you insure that the principal and interest split will be correctly entered.

[You can get the same results with a Memorized Payee, but you won't have the cash flow predictive capability that a Scheduled transaction offers.]