Loan & Liability Tracking in Quicken Simplifi

Overview

Quicken Simplifi offers two ways to track loans and liabilities: connected accounts that sync with your financial institution, and manual accounts where you enter transactions yourself.

The method you choose depends on how much detail you need about your loan payments and whether your financial institution supports full transaction downloads for liability accounts.

Connected vs. Manual Liability Accounts

Connected Liability Accounts

• Balance syncs with your financial institution

• Transaction download support varies by institution

• Minimal maintenance required

• Best for tracking current balance

Manual Liability Accounts

• Full control over transaction entry

• Track principal vs. interest payments

• Add tags for tax deductions

• Complete payment history maintained

• Best for detailed payment tracking and tax purposes

Creating a Manual Liability Account

1. From the Dashboard, click + Add in the upper left

2. Select Add Manual Account

3. Choose Account Type > Liability and select your specific liability type

4. Select the Usage Type and enter an Account Name

5. Enter an Opening Balance and as-of date (optional)

6. Click Continue

Tracking Payment Details

Once your manual liability account is created:

• Enter payment transactions as they occur

• Use split transactions to separate principal from interest

• Tag deductible interest payments for tax purposes

• Track payment history over time

Common Liability Types

Quicken Simplifi supports various liability types:

• Mortgages

• Auto loans

• Student loans

• Personal loans

• Credit cards (when tracked as liabilities)

• Other debts

Hint: For mortgages and other loans where interest is tax-deductible, create a manual liability account rather than connecting it. This allows you to split each payment between principal and interest, then tag the interest portion for easy tax reporting at year-end.