nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Personal Loan is a bill and a liability, right?

Roadog51

I'm new here, 74 y/o, and am having a difficult time setting up Simplifi.

I did not find the YouTube videos helpful.

I have two incomes, 5 personal loans, 2 credit cards, one auto loan, and owe the IRS for 2024.

Are there people who are familiar with QS I could hire and screen share to straighten out what I have put in so far… one personal loan and one cc. My income and normal bills.

Hopefully I'm not just wasting my time and money with this…..

I would gladly watch a good tutorial if anyone has one to recommend. I used chat today and think the individual may have misguided some entries.

Wish me luck!

Find more posts tagged with

Transactions

Accounts

Comments

SRC54

Hi @Roadog51

Welcome to Simplifi. I'm 71 by the way so hang in there. My guess is that you are probably doing most things correctly already. And the coaches and users here will help make sure you don't waste your time. 😀

I assume you have set up your checking account correctly as well as your credit cards. Have you connected these to your banks so they download transactions? It's not necessary but it is the way the program is designed to work.

Your loans are definitely liabilities and you should set them up that way. That includes the car loan. Your monthly payments are bills as you no doubt surmised and you will set up reminders for them. When you get your statement, it will include monthly interest accrued. That interest is an expense which you enter into the account so it gives you a complete picture of how much of your loan remains. (Note: You could alternatively just treat your loans as monthly bills if you don't care to keep up with interest and how much debt you have. Simplifi though is designed to give you this complete picture.)

As for IRS, it isn't clear whether this is quarterly payments for current taxes. I make those on the IRS.gov site and I have a reminders for those bills too. I can see all my reminders in the Spending Plan as well as in the Bills & Income section of the program. On the other hand, if you have a debt you are paying off to the IRS, then it is just another liability you can treat as another loan with a monthly (quarterly) payment.

If you haven't ever used a financial app like Quicken Classic, for example, this may seem a bit daunting. Just don't worry right now whether every thing is right. Get used to entering (downloading) your transactions for now as you develop your skills and confidence using the program.

I am not aware of the YouTube videos, but we have lots of support articles on this site. Here's two to get you started:

https://support.simplifi.quicken.com/en/articles/4295304-adding-accounts-in-quicken-simplifi

https://support.simplifi.quicken.com/en/articles/4593261-loan-liability-tracking-in-quicken-simplifi

Good luck. Just have fun with it and ask specific questions here. There's a lot of expertise here, and everyone will help.

DryHeat

Hi @Roadog51,

I don't know if Quicken provides a screen-share help service, but it would probably make things go much faster. Hopefully one of the coaches will weigh in on what help is available. I know that I helped my sister get set up by sharing her screen (she's 85) and it made the whole process much easier.

But, of course, be careful who you share your screen and info with. I would stick with recommendations from one of the coaches, whose identities are known to Quicken and could be held accountable. (For example, you wouldn't want to hire me. For all anyone here knows, I could be an identity thief. I'm also lazy.)

Roadog51

Made a lot of progress today thanks to your notes and tech support….I think I'm going to live.

SRC54

Glad to hear it @Roadog51. Rome wasn't built in a day.