The View Loans Window

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Tracking a House Loan

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Click the Property & Debt Center in the Account bar, and then click the Add Account button.

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Quicken displays the Quicken Account Setup dialog box. Select a loan type.

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Click Next to continue.

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Type a name for the loan and click Next .

INTRODUCTION

You can create a loan account to track the progress of your loan payments. For example, you might set up a loan account for your house or car. In Quicken, setting up a loan simultaneously sets up a liability account to track your payment progress. Although this task focuses on tracking a home loan, you can also use these steps to track a car loan.


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Other Types of Loan Accounts

You can also select the Asset account to track the value of other assets you own, such as personal property, or select a Liability account to track money that you owe to others.


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Enter the purchase date, price, and the current value. You can estimate and change details later.

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Click the Next button to continue.

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To create a liability account for the mortgage on the home, leave the Yes, Create a Liability Account for Me option selected.

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Click Done .

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Asset or Liability

If you choose to create an asset or liability account for something other than a house, your steps will differ from the ones shown in this task. You're prompted to enter a starting date and the value or amount owed.


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Tax Info

To associate a tax form with the loan, you can click the Tax button and choose a tax form and line for the account.


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The Edit Loan dialog box opens for creating the liability account. Fill in the loan information.

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Choose a payment period for the loan and then click Next to continue.

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Fill in information about balloon payments, the current balance, and the date for the current balance.

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Enter your loan payment amount, date due, and interest rate, and then click Done .

INTRODUCTION

To create a house loan account, you'll need to know how much you owe, how many loan payments you must make, and what the interest rate is. After you complete the task of filling in each dialog box, Quicken creates the loan and displays the register for the loan account. You can use the register to record future transactions associated with the loan.


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What If I Enter the Wrong Info?

Don't worry if you're not sure about a value for a particular field. You can always edit the loan information later after creating the account. The next task shows you how.


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Verify the principal and interest payments calculated by Quicken.

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Fill in details about your loan transactions, including payment type and lender name. Then click OK .

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Quicken opens a register for the loan account. You can now enter future transactions for the loan using the register.

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Two Accounts in One

When you create a loan, Quicken automatically creates a liability account, too. For that reason you will see two accounts listed under the Property & Debt Center in the Account bar.


Editing Your Loan Information

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Click Property & Debt, Loans .

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Quicken opens the View Loans window. Each button opens a dialog box where you can make changes to the loan information.

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If you have more than one loan account set up, click the Choose Loan drop-down arrow and select the loan you want to view.

INTRODUCTION

You can make changes to the information in your loan account using the View Loans window. For example, you may need to correct a wrong figure entered during the loan setup procedure. The View Loans window includes three tabs for viewing details about a loan, as well as buttons you can activate to make changes to the loan information.


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Change the Interest Rate

To change the loan's interest rate, click the Rate Changes button in the View Loans window and edit the interest rate information.


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Click the Payment Schedule tab to view a payment schedule for the loan.

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Click the Payment Graph tab to view a graph of your loan payment over time.

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Click the Close button to exit the View Loans window.

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Print It

You can print out the information found on any of the tabs in the View Loans window. Click the tab you want to print, and then click the Print button.


Recording a Loan Payment

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Click Property & Debt, Loans .

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In the View Loans window, select the loan account you want to pay from the Choose Loan drop-down menu, if needed. Click the Make Payment button.

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Quicken asks you what type of payment you want to make. Click a payment type.

INTRODUCTION

After you set up your loan account, you can record payment transactions in the account register. You can specify whether you're making a regular payment or an extra payment. Regular payments are the actual payments required by the loan. Extra payments include any amounts over your normal payment.


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Don't Forget to Pay

After recording a payment, don't forget to actually make the payment.


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Choose an account to make the payment from and select a payment type.

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Fill in the transaction details the same as you would when writing a check and click OK .

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Quicken records the payment in the account register you selected in step 4 and adjusts the balance in the loan account register.

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Click the Close button to exit the View Loans window.

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What About Asset Accounts?

You can record transactions in your asset account just as you do a regular cash flow account. For example, you might sell an asset, thus decreasing the value of the account. Remember, asset accounts can help you track the value of personal property.


Using the Loan Calculator

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Click Planning, Financial Calculators , Loan Calculator .

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Type the loan information into the Loan Calculator dialog box.

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Select whether to calculate for a loan amount or payment per period.

INTRODUCTION

Quicken includes a Loan Calculator tool that you can use to calculate loan payments and balances . You can quickly calculate the principal or periodic payment for a loan.


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Or Click the Link

You can also access Quicken's calculators through the Planning Center window. Simply click the link for the calculator you want to open .


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Click the Calculate button. If you're calculating a payment, Quicken automatically calculates the amount and displays it in the Payment Per Period field.

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If you're calculating a loan amount, Quicken displays the calculation in the Loan Amount field.

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When finished calculating loan amounts or payments, click the Done button to close the Loan Calculator.

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Other Calculators

Quicken offers five calculators you can use to make financial calculations: the Retirement Calculator, the College Calculator, the Refinance Calculator, the Savings Calculator, and the Loan Calculator. See Part 10, "Tracking Investments," to learn about the Retirement Calculator.


Using the College Calculator

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Click Planning, Financial Calculators, College Calculator .

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In the College Calculator dialog box, fill in the information for the tuition, the number of years until enrollment, and the expected number of years enrolled.

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Type in your current college savings amount and the annual yield.

INTRODUCTION

Another useful tool you can use in Quicken is the College Calculator. If you have a child you plan to send to college, you can use the College Calculator to determine how much you need to save each year to meet the goal.


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Changing Values

Depending on what choice you make in the Calculate For area of the College Calculator, the College Information fields may vary.


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Type an inflation rate.

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Select whether you want to calculate for annual costs, current savings, or annual contribution.

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Click the Calculate button. Quicken calculates the cost.

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Continue adjusting the data as needed. When finished, click the Done button to close the Loan Calculator.

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See a Schedule

You can click the Schedule button to see a printable list of deposits you would need to make to reach your savings goal.


Using the Debt Reduction Planner

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Click Planning, Debt Reduction Planner .

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Quicken opens the Debt Reduction Wizard. Start by clicking the Next button.

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Quicken lists your current debts . If the list is not current, click the Update Debts button. Click Next to continue.

INTRODUCTION

The Debt Reduction Planner is used for ways to reduce your debt. If you have your Quicken CD, you can insert it and view some short movies with each step of the planner. This task skips the video portion of the planner. If you decide to view each video, click the Next button to continue to the next phase of the planner.


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Start a New One

If you've previously used the Debt Reduction Planner, Quicken opens the Debt Reduction window. Click the New Plan button to create a new plan.


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Edit Debts

You can edit the list of debts. For example, you can click the Add button and fill in information for another debt account. Or you can select a debt and click the Remove button to keep Quicken from figuring it into the plan.


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The Debts tab lists your current debt status. Click Next to continue.

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The Order tab suggests the order in which you should pay off your debt and the payment amount. Click Next to continue.

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The Savings tab enables you to enter a onetime amount toward paying down the debt.

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If you entered a onetime payment amount, click the Recalculate button to view the results in the lower-left corner. Click Next to continue.

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Change Payment Order

On the Order tab, you can change the order in which the Debt Planner lists your debts for paying off. Click the Change Payment Order check box and another dialog box appears with controls for rearranging the list items.


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The Budget tab lists your top four expenses. Enter an amount you can cut back on for each and click the Recalculate button.

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Quicken recalculates the savings. Click the Next button to continue.

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The Debt Planner displays an Action Plan you can use to help you get out of debt. Click Next to continue.

INTRODUCTION

The Debt Reduction Planner works by leading you through a series of tabs in the Debt Reduction Wizard. You progress through stages of identifying debt to controlling how much you want to pay toward the debt.


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Print It

You can click the Print This Action Plan button on the Plan tab and print out a copy of your custom action plan.


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The final dialog box prompts you to select how you want Quicken to track your plan. Select an option.

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Click Next .

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Quicken displays the Debt Reduction window along with a chart comparing your present course and the plan you created.

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Click the Close button to close the Debt Reduction window.

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View Your Plan

To view your action plan at any time, click Planning, Debt Reduction Planner . For example, if you make any significant changes to your debt balances, you can return to the plan and update the balances.




Easy Quicken 2004
Easy Quicken 2004
ISBN: 0789730731
EAN: 2147483647
Year: 2002
Pages: 79

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