Newbie Setting Up Accounts: How to Treat a Closed Credit Card Account?

" snipped-for-privacy@earthlink.net" wrote in news: snipped-for-privacy@k2g2000hse.googlegroups.com:

You have a credit card account that is closed, but not paid off? Then I can only assume that the outstanding balance was converted to some kind of loan (probably at exorbitant rates and fees), and you should be tracking that. Perhaps the best you can do is try to find some assistance with paying off outstanding debt. The sooner you can do that the better for all concerned.

Good luck, and you have my sympathies! (soorry if I misinterpreted ...)

Since it doesn't appear that this liability is a "normal" amortizing loan, (e.g., fixed-rate, fixed-payment), then trying to track it in a loan account probably isn't worth the effort. The attraction of using the loan account group of liabilities is that Quicken has amortization features built in that make the work involved in the accounting for "normal" loans fairly minimal.

As far as using a liability or credit card account, it really doesn't make much difference. You'll be doing all the manual entries involved with the pay down of the closed account in either case. The only Quicken program differences between credit card and other liability accounts is how they're presented in Account Balances and Net Worth Reports and where the accounts are presented in the Account Bar.

Tom Young