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When you set up a loan, Quicken creates a loan account that tracks the amount you owe, the length of the loan, the current interest rate, and your chosen method of payment. After it's set up, click the loan name in the Account Bar to use the Quicken loan feature. It provides some great tools for managing your loans and figuring out where you stand.
Set up an online loan account
An online loan account accesses your loan information through your financial institution's website, providing you with the most up-to-date and accurate loan information.
Click the Add Account plus sign icon
at the top right of the Account Bar.During the setup process, you’ll be asked a few questions:
Expand title What is the name of your bank or brokerage If your bank or brokerage is listed on the screen, click it.
If your bank or brokerage is not listed on the screen, start typing its name. After you type a few characters Quicken displays a list of possible matches. If you see what you are looking for, go ahead and click the name of your bank or brokerage. If you don't see what you are looking for, click Back and try again.
What if I can’t find it in the list, or I want to enter transactions manually?
Use Manual Loan Account Setup.
Why does Quicken want to know my bank name?
Quicken needs to know your bank or brokerage name to find out if it can download transactions for you.
Downloading transactions will:
- Save you from manually entering your data
- Ensure data accuracy
- Help you detect invalid or fraudulent transactions
What if I don’t enter the name of my bank? (Keep the info that’s already here?
If you don't enter the name of your bank or brokerage, Quicken won't be able to download transactions for you. You will therefore have to manually enter your transactions into Quicken. See Manual Loan Account Setup.
- Select a currency for the account (Optional)
If you have set up Quicken to track multiple currencies, select one from the list. If you decide you need to change the currency for the account, you can do so only if you haven't entered any transactions except the opening balance. What is your financial institution User ID and password?
Expand title Information about User ID and Password Quicken needs this information so it can download your account information. For most banks and brokerages, you can use the same user ID and password you use to log in to their website. If you don't have a user ID and password right now, add the account manually. You can always activate it to update transactions or send payments later on.
Tips for successful connections
Expand title Expand for more information Sometimes Quicken needs more information to determine what type of account you have, or at what branch the account resides at before it can access it. If you are not sure, here are some tips that may help you:
Account Type
If different types of accounts are shown, such as checking, savings, or credit card, choose the account type that applies to you.
State or Location
Some banks and brokerages use a state or region to classify accounts. If you see your state listed, this is probably the option to select.
Bank Mergers
Did your local bank or credit union merge with a larger bank? If you see your old or pre-merger bank name listed, this is probably the option to select.
Having trouble? Contact your bank or brokerage for instructions.
How should Quicken set up accounts it has found?
Expand title Expand for more information We have found the following
This is a list of your accounts that Quicken has detected at your bank or brokerage.
Add, Ignore, or Link
- Quicken needs to know what you want to do with the accounts it has found. Keep in mind that you don't need to set up all of the accounts it finds; just the ones that you want to track in Quicken.
- Choose Add to create a new Quicken account in which to download your transactions. If you are new to Quicken, this is probably the option that you want.
- Choose Link to download your transactions into an existing Quicken account. If you have previously set up the account in Quicken, but are not yet downloading transactions into it, this is probably the option you want.
- Choose Ignore to disregard one of the accounts that Quicken has found. No account will be created, and transactions for that account will not be downloaded into Quicken.
Nickname (Optional)
Enter the name you want to use to refer to the account in Quicken. This name will appear in reports, and in the Quicken interface. If you don't enter a nickname, Quicken will use the name provided by your financial institution for the account.
Used mostly for
If you are using Quicken Home, Business & Rental Property, choose the primary use of the account: Personal (which is the default), Business, or Rental Property. Your selection determines where in the Quicken interface (on which tab) the account appears. You can change this from the Account List later if you wish.
Your accounts have been added
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Set up a manual loan account
If you’d prefer to add a “disconnected” or manual loan account:A manual loan account requires you to enter all of the relevant loan details in order to provide you with loan information. When possible, it is much easier to access and maintain an online loan account. If you would prefer to enter your loan information manually, or if it is not available online, then follow the instructions below.
- Select the Add Account icon on the top right of the Account Bar.
You can also add a new account by selecting Tools → Add Account from the top menu. - Select Offline Account.
- Under Loan & Debt, select Loan. If you are setting up a Home Equity Line of Credit, select HELOC.
- Enter your loan information. (See loan information details below)
- Select Next. Answer any additional questions.
- Review the Loan Payment Reminder.
- Select Done.
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