To record splits, select the Split tab and add split details for category, tags, transfer, split amount and any notes. Select Payment/Deposit from the Transaction Types list. Click the New button from the toolbar. Open the account you want to use. Adding Payment/Deposit in Quicken for Mac.Setting Up a Liability AccountYou can edit categories youve created, and you can also edit Quickens built-in categories. 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.Converts checks if present. Conversion Features: Converts single amount column or credit/debit columns. This will prevent the categories from being shown in drop down lists in account registers.Use with Quicken for Mac: 2007. They also help you plan for the future.Edit Categories - From the Categories window, to edit an existing category highlight it and click Edit Closing Categories - If you have categories that you no longer need or use - you can mark them as Inactive.
Double-click the transactions to edit then type the desired category into the category or tag field. A liability account is an accounting statement that tracks how much you owe a particular creditor, such as the bank that holds your mortgage.Assign categories or tags to the transactions. 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. Edit Categories In Quicken How To Set UpThis will be one of several dialogue boxes that will ask you to fill in information regarding your loan. Quicken will then download your account information.If you don't want to sign in online or don't have login information to do so, click Manual Loan Account at the bottom of the dialogue box (pictured above).You'll then see the following dialogue box. This is the same step we took to add bank and credit card accounts, so it should look familiar to you.In the Property & Debt section, click Loan.Enter in the name of the loan provider, then click next.You'll be asked to sign into your loan account online. With an amortized loan, each payment reduces some of the amount owed on the principal (or actual amount borrowed).To enter a loan, go to Tools>Add Account. In other words, you no longer have to manually edit and input transactions, a fact that makes it easy to focus on your spending and where you can save more money.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. As you assign categories, Quicken removes the categorized transactions from the list.The great part is that Quicken is designed to automatically organize your expenses in various categories based on their type. Operate onenote for macBe sure you enter in years and not months. The original length of the loan entered in years. The current interest rate for the loan. The opening date - or the date the loan started. This is the name you want to give it in Quicken, and this is the name that will help you identify it in the Account Bar.If you don't have your latest loan statement handy, you may want to locate that before you fill in the rest of the information in order to keep your Quicken records up-to-date and accurate. It'll help if you have your loan balance, interest rate, and original amount of the loan in front of you - as well as the length of the loan.Look at the dialogue box below, then we'll go over the information it requires.In the Loan Details dialogue box (pictured above), enter a name for the loan. It's usually the payment period. This simply means how often the bank calculates the interest on the loan. The compounding period of the loan. Editing Loan Information or Deleting a LoanYou can easily edit your loan information once you have it set up or if your terms change. You can also split the transaction into multiple categories.Click Done again. Also specify how many days before the due date you'd like to see the reminder.In the Loan Payment Reminder box, you can specify how the loan payment will appear in your register, as well as select the account that you'll use to make the payment. Check the box (pictured above) if you want a reminder. However, you'll want to make sure it's correct and re-enter it if it's not.When you're finished, click the Next button.In the next window, you'll be asked to enter the date when your next payment is due.Enter in any extra fees or extra principal that you want to pay each month.Quicken will then ask you if you want to set up a reminder for this loan payment and enter it into the register. About Mortgage Escrow AccountsUnfortunately, your mortgage payment is comprised of several different charges that you pay each month. However, if you entered a loan, then you'll want to use the liability account for the loan to make the payment.To record a payment for a loan, go to the loan account by going to the Account Bar and clicking on the loan.Click on Payment Details, as shown below.Next, click on the gar icon and choose Enter Loan Payment from the menu.You will then see the Enter Expense Transaction dialogue box.Make sure the loan payment details are correct, then click the Enter Transaction button. If you hadn't entered the loan in Quicken, you would have probably just set it up as a bill with a reminder. Making a PaymentOnce you set up a loan in Quicken, you'll record a payment on this debt in a different manner. You can also add a contact name at the bank that holds your loan, create links to the banks page or your activity page, and add comments about the account.You can also delete the loan by clicking the Delete Account button.Click OK when you're finished. The starting balance of your asset account should be equal to the current escrow balance. In the Property & Debt section, choose Other Asset.Enter a starting date to track the asset, then enter the amount currently in the escrow account. It'll make your records inaccurate.To manage this correctly in Quicken, you can set up an asset account for each escrow account for which your mortgage company collects money.An asset account is set up just like a checking account. You don't want to record that money ($200 per month using our example) as coming off of what you owe on the loan. The rest goes to escrow accounts. This means that your mortgage payment may be $600, but only $400 of that goes to the principal and interest. Instead of a deposit like you would have in your checking, you have an increase in your asset account. When a payment is made, you'll need to decrease the amount in your escrow account by the same amount that was paid by the mortgage company.Instead of a payment like you would have in a checking account, you have a decrease in your asset account. You cannot create an asset account like this if you do not have a liability account set up.Watch your mortgage statements so you know when payments are made by your mortgage company to your insurance company or county assessor. Simply double click on the date for which you want to enter a transaction.Choose if you want to add an expense, income, or a reminder.In the dialogue box, you'll be asked to enter: The accounts you select will have a green check mark next to them.If you want to view both recorded and scheduled transactions, go to Options again and select "Show Recorded Transactions in Calendar" and "Show Scheduled Bills and Deposits in Calendar".You can also add transactions using the calendar. You can also pay bills from your calendar if you use Quicken Bill Pay.To access the calendar, go to Tools>Calendar.If you want to view transactions from specified accounts on the calendar, click Options on the upper right hand side of the window, then choose Select Calendar Accounts.Choose the accounts that you want to see on the account balances graph. You can see daily available cash balances and a snapshot of your scheduled bills and deposits. They may even make you a little nervous. The two titled "Creating Reports" and "Creating Charts and Graphs" might stand out. Your calendar will be automatically updated.Take a moment to glance over the section titles in this lesson. ![]() Below is an example of what it looks like.Let's click on the Reports button for spending:Quicken shows you all reports that you can run that have to do with your spending. Creating ReportsThe Reports button is available in the action bar of every tab except Bills.
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