Re: Quicken 2005 Deluxe, Windows XP, credit union loan
I am tracking a 10 year variable interest rate loan in Quciken. The loan is a home equity loan and I had it approved a line of credit that was more than I originally needed. I recently borrowed another sum to buy a car. How do I handle this? Do I just edit the loan and add to the principle and date it the same day I received the check? Will Quicken recalculate the new payment? I could always set up another loan but that would be messy.
Where did you put the money that you borrowed? If you deposited it to your bank account, enter your LOC as the transfer account -- that will update your principal owing. If it went directly to the car dealer, then the LOC is the transfer account for the car transaction.
I can't answer the question on whether the payment will be recalculated, but I doubt it. You will probably have to enter the new payment.
An idea to track a HELOC in Quicken from Quicken technical support:
To track line of credit in Quicken you need to create a credit card account and that should be updated regularly. Here are some steps:
1) Click the Cash Flow Center tab. 2) Quicken opens the Cash Flow Center. 3) Click the My Data tab, if it is not already open. 4) Quicken displays the data view, with your Spending & Savings accounts. 5) In the Credit Card Accounts area, click Add Account. 6) When Quicken asks What is the financial institution for this account?, Choose This account is not held at a financial institution. 7) In the Account Selection window, choose Credit Card and click Next, and then follow the on-screen instructions. 8) When you get to the Credit Limit window, enter the credit limit for the line of credit. This is the maximum amount of credit the financial institution extended to you for this account."Harold Heringhi" wrote
(snip)
I don't have Q running at the moment, but will a CC account link to the home asset account?
Thanks. I never thought of tracking it as a credit card account. I will tinker with it as a loan since I am already a year into it. I can update the principle using the edit loan button in one of the boxes. I can then manually change the payment to the new amount. Then I have will have to change the last payment date. It appears that the credit union treats this as a new 10 year loan on the new balance from the point you take out more principle.
Skeptic
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