Quicken will then download your account information. You'll be asked to sign into your loan account online. In the Property & Debt section, click Loan.Įnter in the name of the loan provider, then click next. This is the same step we took to add bank and credit card accounts, so it should look familiar to you. To enter a loan, go to Tools>Add Account. With an amortized loan, each payment reduces some of the amount owed on the principal (or actual amount borrowed). Let's learn how to set up a liability account for an amortized loan, or a loan on which you make regular and equal payments. A liability account is an accounting statement that tracks how much you owe a particular creditor, such as the bank that holds your mortgage. This means if you want to track your mortgage, car loan, and student loan, you'll need to set up a liability account for each one. You will have to set up a liability account for every debt that you're going to track. In Quicken, if you want to track your debt, you must start by setting up a liability account. However, you may also want to track your debt, especially if you want to keep track of how much you're paying in interest or how much you owe after each payment you make. These are things you pay monthly, so of course you'll set it up.
There's no doubt that you're going to set up debt that you have, such as mortgage payments, car payments, etc., as bills in Quicken.
