How do I set up a loan?

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.

•  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?

    If you've tried a couple of times and you can't find your bank or brokerage in the list, or if you want to enter your transactions manually, click Advanced Setup and then choose I want to enter my transactions manually. You can always activate it to download transactions or send payments later on (if your financial institution supports bill pay).

  • 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?

    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.

• 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 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.

  • What is a user name?

    It may be an account number or some other number assigned by your bank or brokerage. It may also be the user ID you use to log in to their website.

  • Can I use the password for my bank website?

    Yes. If you entered the user ID that you use to log in to your bank or brokerage website in the user ID field, then enter the website password as well.

  • Did you receive "Direct Connect" instructions from your bank or brokerage?

    Direct Connect is a service some banks and brokerages use to connect to Quicken. You will know if you have Direct Connect if you specifically signed up for it and/or your bank or brokerage sent you a special user ID and password to use with Quicken. If so, use your Direct Connect login information on this screen.

    If you did not receive special login instructions, use your website user ID and password here.

    If you are not sure what to do, use the user ID and password you would use to log in to your bank's website.

  • Can I see my password while entering the user ID and password?

    Yes. To see the password while adding an account, select the Show Characters box to the right of the password box.

  • What happens if I save my password?

    Your password will be saved in the Quicken Password Vault.

    Quicken's Password Vault is a secure and convenient way to store multiple financial institution passwords that you can then access with a single master password.

    • You can open the Password Vault to add, remove, or change stored passwords at any time.
    • When the Password Vault was developed, it went through a rigorous security review.
    • The Password Vault uses industry-standard encryption to save your passwords, and it is careful to remove them from memory when they are no longer being used.

    
    

• What is the account type or branch?

  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?

• Your accounts have been added!

  You will receive confirmation that your account, or accounts, have been added to Quicken. Depending on the type of account you are adding there may be other steps you need to take. This screen will tell you what you need to do, if anything, to start using the accounts. Congratulations!

  If you have chosen to use mobile as a part of your Quicken Registration, on this screen, you will get an option to sync the added account to the cloud. If you wish to add this account to the cloud, select the Sync to Quicken cloud for Mobile / Alerts check-box next to the account that you have added.

• Why do I not see the option to Sync to Quicken Cloud?

  You will see this option only if you have chosen to Use Mobile as part of the registration. If you wish to view your accounts in mobile or to receive custom account notifications, click the Mobile and Web tab and follow the instructions.

Manual Loan Account Setup

If you'd prefer to add a "disconnected" manual loan account (click manual loan account at the bottom of the Add Loan Account window), or if Quicken asks you for a few more details after setting up a "connected" loan account, click the following for more information.

• Loan Name

  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.

• Loan Type

  Select the type of loan you want to set up. Your selection determines the categories Quicken creates to track your loan. For example, to track a mortgage Quicken creates Home:Mortgage:Principal; and to track an auto loan Quicken creates Auto&Transport:Auto Payment:Principal. For "connected" loan accounts, this option may not be available because the loan type is determined by your financial institution.

• Opening date and original balance

  If your loan is:

  • A new bank loan, enter the loan amount in Original Balance. Quicken inserts today's date in Opening Date, but you can change it.
  • An existing bank loan, enter the original balance of the loan in Original Balance, and enter the date on which you first took out the loan in Opening Date.
• Current interest rate
  • Enter the interest rate that will be in effect for the next payment.
  • If the loan is an adjustable-rate loan, you can change the rate when necessary.
  • You don't have to enter the percent sign.
• Original length

  The Original Length of the loan refers to the period of time during which payments are due, starting from the date the loan was opened until the date the last payment is due.

• Compounding period
  • Tell Quicken how often your loan is compounded. Select Daily, Monthly, or Semi-Annually from the drop-down list.
  • The Compounding Period affects how much interest is owed on a loan. The more frequently the interest is calculated, the higher the total interest is.
• Payment schedule

  Tell Quicken how often you make payments. Select the period that matches your loan from the drop-down list.

• Current balance

  Enter the amount due on the loan, as of the opening date you entered above. For "connected" loan accounts, you may not be able to change the current balance because it is downloaded from your financial institution.

• Monthly payment

  Enter the base amount of your loan payment. Include your regular payment only (principal + interest). Don't include any fees other amounts. If this is an interest-only loan, enter it as the payment amount.

• Next payment due

  Enter the date by which your lender must receive payment.

• Other

  Enter any additional fees that you are required to pay on top of your base loan payment.

• Extra principal

  Enter any additional money you want to pay towards reducing your loan principal.

• Loan payment reminder

  If you are adding a "connected" loan account, you may set up a simple or a detailed loan reminder. If you are adding a "disconnected" manual loan account, you may set up a detailed loan reminder only.

  A simple loan reminder tracks only the loan payment total.

  A detailed loan reminder tracks all of the line items included in your loan payment total –things like interest, private mortgage insurance, and property taxes. Tracking these items can help you plan and project your spending and taxes. To learn more, see Set up a detailed loan payment reminder.

• Add a linked asset account

  Quicken asks if you'd like to set up an asset account to track the value of the item you're purchasing with this loan. This makes net worth reports more accurate.

  1. If you'd like to set up an account, click Add linked asset account and select the type of asset account to create. If you don't want an asset account, click Done.
  2. Quicken displays your loan in the Property & Debt tab.