Overview
If you’ve taken out a loan or have other liabilities, tracking them accurately is key to understanding your financial health. Quicken Simplifi helps you to set up and manage liability accounts easily—whether they’re connected to your bank or manually entered.
You can track your loans and liabilities using either a connected account or a manual account. Follow the steps below to get started!
Note: In Quicken Simplifi, connecting a liability account won’t download transactions. To track payments or interest, create a manual liability account and enter transactions manually.
Create a Manual Liability Account
To view transactions for your liability accounts, you must first create a manual account. Once the manual liability account is set up, you can enter transactions manually to track payments, interest, and more.
From the Dashboard, click the + New button in the upper left.
Select Add Manual Account.
In the Account Type dropdown, select Liability, then choose the desired type of liability.
Use the Usage Type dropdown to specify if it's for business or personal.
Enter the Account Name, Opening Balance, and Date.
Click Continue.
Track Payments with Manual Transactions
You can also create split payment transactions to reflect what portion of your payment went towards the principal balance and/or the interest of the liability, and you can add tags to mark your deductible transactions!
From the liability account that you previously created, click the + New button in the upper right.
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 appropriate Category (e.g., Loan Principal, Loan Interest).
Enter the correct amount for each portion.
(Optional) Add tags to identify deductible expenses.
When finished, click Save.
If you have any questions or concerns regarding liability tracking in Quicken Simplifi, please don't hesitate to contact our support team or click on the messenger icon located at the bottom right of the page.