Loaned to a friend - how to track in Quicken

Jan 13, 2012 3 Replies
A

I loaned some cash to a friend and set up a transfer from his checking account to my checking account (we both use the same credit union).



Anyone (RC?) got a good method to track the balance. I could set up a asset or liability account in Q for the initial balance, but his money is actually going into my checking account, so I am


1 - not sure what type of account this would even be?
2 - how to manipulate the deposit so that it as gets into my checking account via OSU somehow I can also create (another transaction?) to use that payment to decrease (or increase) the tracking account.

I just wonder if there is some way to use transfers easily for both the payment as well as the tracking of the balance. Else, I can just manually remember to enter a payment into the tracking account, but that is another step.



Hope this is clear?



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B

New Loan, Loan Money instead of Borrow Money.

You can make the starting balance a debit from whatever asset account you used to loan your friend the money.

It should create period payments (w/ reminders, if you want them). As you book deposits back into your checking account, the outstanding balance should be reduced.

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B

If you decide to make the opening balance come from your asset account, you'll probably need to enter a linked transaction, then delete the opening balance transaction that Quicken creates. It should work from there, though.

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A

Thanks Bartt, I didn't see that 'loan money' dialog. I'll check it out.

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