Quicken 2014 Essential Training
Illustration by Neil Webb

Adding loan and debt accounts


Quicken 2014 Essential Training

with Sally Norred

Video: Adding loan and debt accounts

Quicken makes it easy for you to track the Loan and debt accounts are those accounts for money that you owe. Except in the case of a house or vehicle account, it's usually simpler to add In the Add Account pop-up that appears under loans and To add a loan account, click Loan under Loan and Debt on the Add Account pop-up.
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  1. 47s
    1. Welcome
  2. 10m 45s
    1. What is Quicken 2014 Premier?
      2m 45s
    2. Defining common Quicken terminology
      2m 58s
    3. Touring the Quicken interface
      5m 2s
  3. 36m 42s
    1. Setting up your Intuit ID
      2m 54s
    2. Using the Account Bar
      2m 46s
    3. Understanding account types
      3m 59s
    4. Adding your first account
      3m 11s
    5. Updating your accounts
      3m 44s
    6. Setting up your Password Vault
      2m 55s
    7. Adding other spending and savings accounts
      5m 15s
    8. Adding investing and retirement accounts
      4m 45s
    9. Adding property and asset accounts
      2m 44s
    10. Adding loan and debt accounts
      4m 29s
  4. 42m 13s
    1. Understanding spending account registers
      4m 59s
    2. Searching, sorting, and filtering transactions
      2m 31s
    3. Downloading transactions for a specific account
      1m 53s
    4. Entering spending transactions manually
      2m 15s
    5. Understanding transaction categories
      2m 42s
    6. Categorizing transactions
      4m 37s
    7. Customizing the Category List
      3m 54s
    8. Recording split transactions
      3m 31s
    9. Transferring funds between accounts
      1m 21s
    10. Saving time with memorized payees and QuickFill
      4m 30s
    11. Reconciling accounts
      4m 8s
    12. Using the Spending tab
      2m 28s
    13. Creating and understanding spending reports
      3m 24s
  5. 20m 8s
    1. Using the Bills tab
      4m 6s
    2. Setting upcoming bill reminders
      5m 11s
    3. Setting upcoming income reminders
      4m 6s
    4. Projecting future account balances
      2m 54s
    5. Using Quicken Bill Pay
      3m 51s
  6. 24m 39s
    1. Using the Planning tab
      2m 34s
    2. Creating a budget
      5m 48s
    3. Creating a debt-reduction plan
      3m 53s
    4. Using the Lifetime Planner
      3m 32s
    5. Using the Tax Center
      3m 29s
    6. Creating savings goals
      5m 23s
  7. 18m 11s
    1. Using the Investing tab
      4m 22s
    2. Viewing your portfolio
      4m 45s
    3. Tracking your portfolio performance
      3m 10s
    4. Monitoring asset allocation
      3m 46s
    5. Creating and understanding investment reports
      2m 8s
  8. 10m 58s
    1. What is the Quicken mobile app?
      2m 51s
    2. Installing the Quicken mobile app
      3m 59s
    3. Quicken mobile app overview
      4m 8s
  9. 33s
    1. Next steps

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Watch the Online Video Course Quicken 2014 Essential Training
2h 44m Appropriate for all Jun 19, 2014

Viewers: in countries Watching now:

Remove the mystery from your finances with Quicken 2014, the one-stop shop for managing your money and charting your financial future. In this course, Sally Norred takes you on a tour of this powerful personal finance tool, showing how to connect with your bank, and integrate your savings, retirement, loan, and credit card accounts to see the big picture of your financial health. Learn how Quicken automatically tracks and categorizes your spending, and then see how to customize this tracking to suit your needs. Walk through setting up bill and income reminders to stay on top of important payment dates and developing a budget that gives you the information you need to make sound financial decisions. Once you understand the basics, discover Quicken's tools for helping you get out of debt as soon as possible and create savings goals for your next big purchase. Last, see how to get the most out of your investments and check out the Quicken mobile app, which allows you to track purchases using photos of receipts taken with your mobile device.

Topics include:
  • Touring the interface and setting up an Intuit ID
  • Understanding account types
  • Adding and updating accounts
  • Tracking spending
  • Searching, sorting, and filtering transactions
  • Categorizing transactions and customizing categories
  • Reconciling accounts
  • Creating and understanding spending reports
  • Projecting future balances
  • Using Quicken Online Bill Pay
  • Creating a budget
  • Creating a debt reduction plan and savings goals
  • Using the Lifetime Planner and the Tax Center
  • Tracking investments
  • Viewing your investment portfolio
  • Creating and understanding investment reports
  • Using the Quicken mobile app
Sally Norred

Adding loan and debt accounts

Quicken makes it easy for you to track the account balance for any loan or debt account you have. You can link it to an associated property or asset to get an accurate picture of your net worth. Loan and debt accounts are those accounts for money that you owe. Quicken categorizes these accounts into loan accounts, home equity line of credit accounts and other liabilities. Let's take a minute to talk about each of these types of loan and debt accounts. A loan account is an account such as a loan you take out to purchase a house, a vehicle or any other type of loan you may take out from a bank.

When you set up a loan, Quicken creates a loan account that shows the balance owed on the account and keeps it up to date by connecting to the loan account online. Except in the case of a house or vehicle account, it's usually simpler to add the loan first and then add the asset account when Quicken prompts you to do so. A home equity line of credit or HELOC account can be linked to your house account to better reflect your net equity. It helps you track a changing balance of withdrawals and payments. Please note, that to track a standard line of credit, not a home equity line of credit, use the credit card account type, under spending and savings accounts.

Use the other liabilities category to track informal liabilities, such as money you borrowed from friends and family, that doesn't have an interest rate or term associated with it. Add a loan or debt account, click the Add an Account button at the bottom of the Account bar. In the Add Account pop-up that appears under loans and debt, select from loan, home equity line HELOC or other liability. I'll walk through the process by adding a loan account for a home mortgage. The process is similar for adding any loan or debt account. To add a loan account, click Loan under Loan and Debt on the Add Account pop-up.

On the next screen, search for and select your bank or brokerage. Jeannie has her home mortgaged to Countrywide, which is not listed below. So she is going to search for it up here. Once you have selected the bank or brokerage through which you have the loan, you'll be prompted to enter the username and password that you use for the bank or brokerage's website. Enter these credentials and click Next. Check Save this Password to add this to your password vault, if you've not created a password vault yet, leave this blank. Click Connect in the bottom right corner of the pop-up.

Quicken will take a few minutes to communicate with your bank or brokerage to gather information. When the connection has been established, the next screen will show you a list of accounts that Quicken has detected at your bank. You may see various settings in this list, if you have more than one account at this financial institution. This is a mortgage account, so we're going to make sure Mortgage is selected from this drop down here. Choose Add to create a new Quicken account in which to download these transactions. I want to add this mortgage account to Quicken, so I'll select Add. Next, enter the nickname you want to use to refer to this 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 default name provided by financial institution for the account. We're going to call this My Mortgage. Click Next to add this loan account to Quicken. Quicken will once again communicate with your bank or brokerage to download transactions and the account balance. When it's finished with the connection process, you'll see the account added screen, listing the loan account or accounts you added. There will also be a small drop down to link an associated asset account to your loan.

This is optional, but it is a really good idea to take this step. Linking an asset with a loan account will allow you to track the value of the property or asset associated with your loan and to accurately track your net worth. For example, when tracking a mortgage, you should add the value of your home as an asset. To add the linked asset account, select the drop down under the mortgage in this account added pop-up window. To add a new asset, click home, auto or other, depending on the type of asset the loan is for. I've already added my home asset, so I'm going to select Existing Asset > Home.

When the asset is linked, the link between the loan and asset will display in the pop-up window, right here. Click Done. And now you will see this and the balance that is owed on this loan under Property and Debt tab on the Accounts bar. Click on the name of the loan, and you'll view the loan details in the main window. To add another loan or debt account, be sure to click on the correct account type on the add account screen

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