Home Page link  

how do I setup a Home Equity credit line??

  
Groups | Search | About
User Password
Register Now! Lost Password?

Quicken Personal Finance Discussions - Quicken - personal finance software discussions

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
how do I setup a Home Equity credit line?? Martin Skaggs 09-01-2006
Posted by Martin Skaggs on September 1, 2006, 7:49 am
Please log in for more thread options
 Just opened a Home Equity line of credit with PNC bank. How do I set this
up in Quicken to track interest (for tax puposes)?

Thanks



Posted by vodil on September 2, 2006, 11:57 am
Please log in for more thread options
Martin Skaggs wrote:
> Just opened a Home Equity line of credit with PNC bank. How do I set this
> up in Quicken to track interest (for tax puposes)?
>
> Thanks

Ostensibly it is a liability account just like a mortgage; that is what
I do. Unfortunatley they don't let you write checks out liability
accounts. If you plan on writing many checks, you may want to make it
a checking account that has a negative balance all the time and
manually add the Interest expense that comes on your statement.


Posted by danbrown on September 2, 2006, 12:25 pm
Please log in for more thread options

vodil wrote:
> Ostensibly it is a liability account just like a mortgage; that is what
> I do. Unfortunatley they don't let you write checks out liability
> accounts. If you plan on writing many checks, you may want to make it
> a checking account that has a negative balance all the time and
> manually add the Interest expense that comes on your statement.

How about setting it up in Q as a credit card type account?

db


Posted by Lisa C on September 3, 2006, 9:20 am
Please log in for more thread options
> Just opened a Home Equity line of credit with PNC bank. How do I set this
> up in Quicken to track interest (for tax puposes)?
>
I set it up as a liability. Just like my mortgage.

I do not have an issue with check writing, as increases in the loan balance
can be added directly to the register.

You have the option to set up a corresponding loan to match the liability.
If the interest is not fixed, however, it would most likely be easier simply
to enter each payment as a split transaction - with some going to the
principle balance and some going to interest. Another option is to record
the payments, and then use the update balance register option to update to
the bank's monthly statement.



Posted by Han on September 3, 2006, 11:05 am
Please log in for more thread options

>> Just opened a Home Equity line of credit with PNC bank. How do I set
>> this up in Quicken to track interest (for tax puposes)?
>>
> I set it up as a liability. Just like my mortgage.
>
> I do not have an issue with check writing, as increases in the loan
> balance can be added directly to the register.
>
> You have the option to set up a corresponding loan to match the
> liability. If the interest is not fixed, however, it would most likely
> be easier simply to enter each payment as a split transaction - with
> some going to the principle balance and some going to interest.
> Another option is to record the payments, and then use the update
> balance register option to update to the bank's monthly statement.
>
It all depends how things are set up. My current Bank of NY (in NJ) Heloc
is set up to have the monthly interest added to the balance outstanding. I
pay the loaned amount off by monthly payments in excess of the amount due
on the statement. So I have two monthly transactions: An addition (the
interest) to the outstanding balance (with category of Heloc_interest), and
a subtraction (monthly payment) from the outstanding balance. The latter
is a transfer from one of my checking accounts.

YMMV

--
Best regards
Han
email address is invalid

Similar ThreadsPosted
Zero Quantity Equity Problem January 8, 2007, 5:47 pm
Search for equity by symbol? June 4, 2007, 5:34 pm
Converting mortgage to Equity Accelerator September 22, 2006, 12:54 pm
Quicken 2008: Sort Investments by Debt/Equity Ratio Incorrect September 4, 2007, 11:47 am
Account Setup September 5, 2006, 6:32 am
Setup screen will not go away September 30, 2006, 7:15 pm
Setup Screen January 28, 2007, 1:07 pm
Paycheck Setup March 20, 2008, 9:41 pm
Alerts Setup Won't Save December 20, 2006, 6:40 am
Incorrect account setup March 9, 2007, 10:14 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap