Fix Mistakes Made When Setting Up Loans in Quicken 2012 - dummies

Fix Mistakes Made When Setting Up Loans in Quicken 2012

By Stephen L. Nelson

Nobody’s perfect, right? You may have made a tiny little mistake in setting up either the loan or the loan payment when working in Quicken 2012. This mistake doesn’t need to be a major financial or personal crisis, however.

Just display the loan account’s transactions (such as by clicking the account name in the Accounts bar), click the Account Actions button, and then choose the Loan Details command. Quicken displays the View Loans dialog box.


See those two tabs labeled Payment Schedule and Payment Graph? You can probably guess what they do, but if you click the Payment Schedule tab, an amortization schedule shows the interest and principal portions of each loan payment.

If you click the Payment Graph tab, Quicken displays a line chart that shows how you pay off the loan balance over time. You may want to take a minute and experiment with these two tabs. They’re pretty neat.

How to change loan or loan payment information in Quicken 2012

If you want to change something about the loan, click the Edit Loan button. Quicken displays the Edit Loan dialog box. It works like the Loan Setup dialog boxes. Make the changes and click OK.

To change something about the payment, click the Edit Payment button. Quicken displays the Edit Loan Payment dialog box. Make your changes and click OK.

How to work with adjustable-rate loans in Quicken 2012

If you have a variable-rate loan, you can click the Rate Changes button to display the Loan Rate Changes dialog box. This dialog box has a very simple purpose: It lists the interest rates you entered for a loan and the dates these interest rates were used in loan calculations.


If you want to record new interest rates — because you have a variable-rate loan and the interest rate changes, for example — follow these steps in the Loan Rate Changes dialog box:

  1. Indicate that you want to record a new interest rate.

    Click the New button in the Loan Rate Changes dialog box or right-click in the dialog box and choose New on the shortcut menu that appears. Quicken displays the Insert An Interest Rate Change dialog box.


  2. Provide the effective date of the interest rate change.

    Use the Effective Date text box to indicate when the new interest rate becomes effective. You can either type in a date or open the drop-down list box and select a date from the calendar.

  3. Give the new interest rate.

    Type the new interest rate in the Interest Rate text box. When you move the selection cursor to a new box, Quicken refigures the loan payment and sticks the new loan payment figure in the Regular Payment text box.

  4. Click OK.

How to remove and add loans in Quicken 2012

You can delete (remove) and add loans by using the Loan Summary tab in the View Loans window.

Delete a loan that you no longer need or shouldn’t have added in the first place by clicking the Choose Loan button and selecting the loan account. Then click the Delete button. Quicken then warns you that you’re about to delete your loan and asks you whether you want to save the account for your records.

Saving the account keeps the account available in your Accounts window but eliminates it in your View Loans window. You can hide the saved account later if you want it to disappear from your Accounts window. (To do so, choose Tools→Account List, click the account when Quicken displays the Account List window, and then check one of the Hide This Account boxes.)

You can add loans in the View Loans window, too. To do so, click the New Loan button in the View Loans window. Quicken displays the Loan Setup dialog box and walks you through a sequence of steps for setting up a liability account for an amortized loan. For example, you fill in both the Loan Setup dialog box and the Set Up Loan Payment dialog box.