Overview
Tracking loans and other debts in Quicken Simplifi helps you get a more complete view of your finances. You can add liability accounts as either connected or manual accounts. Follow the steps below to get started.
Note: Connected liability accounts in Quicken Simplifi do not download transactions. If you want to track payments, interest, or other account activity, create a manual liability account and enter the transactions yourself.
Create a Manual Liability Account
To track transactions for a liability account, you'll need to create a manual liability account. Once it's set up, you can manually record payments, interest, and any other transactions related to the account.
From the Dashboard, click + New in the upper-left corner.
Select Add Manual Account.
From the Account Type drop-down menu, select Liability, then choose the type of liability account you want to create.
Use the Usage Type drop-down menu to indicate whether the account is for Personal or Business use.
Enter the Account Name, Opening Balance, and Opening Balance Date.
Click Continue.
Note: Transactions in Other Liability accounts are excluded from Watchlists and Expense Reports in Quicken Simplifi.
Track Payments with Manual Transactions
You can use split transactions to separate a payment into principal and interest amounts. You can also add tags to identify transactions, such as those that may be tax-deductible.
From the liability account you created, click the +New tile in the upper-right corner.
Enter the Payee (e.g., Loan Payment).
Enter the date and the total payment amount.
Click on the Split button.
For each split:
Select the correct Category (for example, Loan Principal, Loan Interest).
Enter the amount for each part.
(Optional) Add tags to mark deductible expenses.
When finished, click Continue.
If you have any questions about Quicken Simplifi, our support team is here to help.