New Car Loan Questions

Posted by Don R on April 6, 2007, 10:20 pm

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Just set up a new car loan and was wondering how to handle the linked
asset feature. Does the linked asset get the purchase price as the
opening balance? Or do I even need a linked asset account for the loan?
I'm using Q2005P and his is the first time I've used the load feature
of Quicken.
Thanks,
Don

Posted by John Pollard on April 8, 2007, 2:34 pm

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Don R wrote:

> Just set up a new car loan and was wondering how to

> handle the linked asset feature.

> Does the linked asset

> get the purchase price as the opening balance?

No. I believe you specify the opening balance during the
account creation dialog.

> Or do I even need a linked asset account for the loan?

Only if you want to track the value of the car.

> I'm using

> Q2005P and his is the first time I've used the load

> feature of Quicken.

--
John Pollard
First initial underscore Last name at mchsi dot com
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Posted by Don in San Antonio on April 8, 2007, 7:02 pm

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John Pollard said the following on 4/8/2007 1:34 PM:

> Don R wrote:

>> Just set up a new car loan and was wondering how to

>> handle the linked asset feature.

John, thanks for the reply. It seems that the car and the loan should
indeed be associated. I set up the loan first without an associated
asset, then I created the asset account (the car) and associated it with
the existing loan. When you create the asset account Quicken asks if
there is an associated loan thus linking the asset and the loan.

Don

Posted by John Pollard on April 8, 2007, 9:18 pm

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Don in San Antonio wrote:

> John Pollard said the following on 4/8/2007 1:34 PM:

>> Don R wrote:

>>> Just set up a new car loan and was wondering how to

>>> handle the linked asset feature.

> John, thanks for the reply. It seems that the car and

> the loan should indeed be associated. I set up the loan

> first without an associated asset, then I created the

> asset account (the car) and associated it with the

> existing loan. When you create the asset account Quicken

> asks if there is an associated loan thus linking the

> asset and the loan.

You don't have to have an asset account at all.

If you *want* an asset account (if you *want* to track the value
of the asset that you took out the loan to buy - which is not
necessary), and you neglect to have Quicken create the asset
account when you create the loan account in the Loan Wizard ...
you can create the asset account later, and link the two ... as
you have noticed.

So it does not matter whether you have an asset account for the
loan or not, to Quicken .

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup

Posted by Don in San Antonio on April 8, 2007, 9:43 pm

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John Pollard said the following on 4/8/2007 8:18 PM:

> Don in San Antonio wrote:

>> John Pollard said the following on 4/8/2007 1:34 PM:

>>> Don R wrote:

>>>> Just set up a new car loan and was wondering how to

>>>> handle the linked asset feature.

>> John, thanks for the reply. It seems that the car and

>> the loan should indeed be associated. I set up the loan

>> first without an associated asset, then I created the

>> asset account (the car) and associated it with the

>> existing loan. When you create the asset account Quicken

>> asks if there is an associated loan thus linking the

>> asset and the loan.

> You don't have to have an asset account at all.

> If you *want* an asset account (if you *want* to track the value

> of the asset that you took out the loan to buy - which is not

> necessary), and you neglect to have Quicken create the asset

> account when you create the loan account in the Loan Wizard ...

> you can create the asset account later, and link the two ... as

> you have noticed.

> So it does not matter whether you have an asset account for the

> loan or not, to Quicken .

As you say, it's not necessary (as far as Quicken is concerned) to
create an asset account, but it does help your net worth picture to
create one.