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If a loan payment occurs regularly, you can set it up as a scheduled payment. When you do so, Quicken automatically records the payment for you based on the schedule.
Follow these steps to set up such a scheduled transaction:
Choose Finance, Calendar or press Ctrl+K.
Quicken displays the Financial Calendar window.
Display the first month for which you want to schedule the transaction.
Using the Prev Month and Next Month buttons, select the starting month for the scheduled transaction. You can also click the Go to Date button. If you do so, Quicken displays a dialog box that you can use to specify the precise date you want to schedule a payment for.
Identify the scheduled transaction and date.
Select the transaction for which you want to create a schedule by clicking it. Then drag it to the date you want to schedule the transaction. When you release the mouse button, Quicken displays a dialog box that asks you to confirm the principal and interest breakdown. You won't know whether the breakdown is correct until you see the bank statement, so click OK. Quicken displays the New Transaction dialog box.
Identify the account from which the payment should be made.
Open the Account to Use drop-down list box and then select the appropriate account.
Verify that the transaction type is Payment.
Open the Type of Transaction drop-down list box and select Payment.
Verify that the Payee, Date, and Memo fields are correct. Use the Scheduled Transaction and the Register Transaction option buttons to indicate how often the scheduled transaction should occur. Tell Quicken whether you want to double-check the scheduled transaction before it actually gets entered in the register.
Just open the Record in Register drop-down list box to select the Prompt before Enter choice.
Indicate the number of days in advance you want to be reminded of the scheduled payment. 0. Click OK.
Quicken adds the transaction to its scheduled transaction list.
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