Wow! I'm impressed and have a question

[jcard21 xxxxxxx]

 On 1/8/2015 2:37 PM, Ron Nicol wrote:
> ...snip...
> The problem I've run into can be replicated as follows:
>
> 1.       Create a loan in Quicken where the Loan Owed To Me  with an
> opening
> balance of $18,000.  Quicken properly creates an asset account called Loan
> Owned To Me.
>
> ...snip...
> I have reversed the sign of the splits in the Test Transaction in Quicken
> and the Loan Owed To Me balance goes to $17,700 after the first entry and
> then back to $18,000 on the second.  I did the above without first setting
> up a simple chart of accounts.  I then went back and did it with a simple
> chart of accounts and was able to have Allowance recognized as an expense
> when I assigned Allowance as an expense account but the balance of the
> loan
> still didn't change.  I apologize in advance if I've done something
> completely silly here.


A quick Google search can help you understand recording a loan and its
payments, as this link does:

http://www.dummies.com/how-to/content/recording-longterm-debt-transactions-for-your-busi.html

NOTE: In the given example, instead of cash, you may use a check
(Asset:Checking Account).

I hope this helps you.

-- 
jcard21