Manual Debt Accounts

ewd_20834756
ewd_20834756 Member ✭
in Feature Requests

Most of my debt accounts cannot be linked in Quicken (student loans, auto loans).

I'd like to be able to create a manual debt account with a fixed annual interest rate (APY) and to set when interest is calculated/applied (per month).

I'd also like to link transactions and transaction series to this account.

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  • SRC54
    SRC54 Superuser ✭✭✭✭✭
    edited 12:30PM

    It seems you have a couple of requests in here, so one of the coaches will probably help you refine your suggestion.

    You know that you can create a manual liability account for a student loan or an auto loan, and you can manually add payments and interest as you go? It won't figure the APY for you though.

    Once you create the loan, you can make payments and create recurring transfers and recurring expenses such as mortgage interest or credit interest. It's very flexible. I have a lot of manual accounts, but paid off my student loans and car loans ages ago (thank Goodness).

    Depending on what bank issued the car loan, you might be able to connect the account, but I don't think it will download transactions into that account.

    Just some ideas for you. Here is a support article to help get you started:

    https://support.simplifi.quicken.com/en/articles/4593261-how-to-track-loans-and-liabilities-in-quicken-simplifi

    Here's an idea for adding amortization schedule to loans, which you might want to vote for:

    https://community.simplifimoney.com/discussion/28/amortization-schedule-for-loans

    Steve
    Quicken Simplifi (Safari & iOS) Since 2021
    Quicken Classic (MacOS) Since 2009
    MS Money (1991-2009) and Dollars & Sense (1987-1991)

  • ewd_20834756
    ewd_20834756 Member ✭

    I'm mostly asking for interest to be applied automatically. I don't want to have to calculate the interest for each transaction every month. I'd like to set it and forget it essentially.

    My auto loan is through the auto maker directly, so a traditional bank is not responsible for it.

    I should have also included that my student loans are charged in a single transaction but there are multiple loans with different interest rates associated with that one transaction. It would be nice to accommodate this somehow. Whether I can group loans (accounts) together and apply a transaction to the total of the group, or break up a transaction to apply to individual accounts. Either way would work for me.

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