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Loan is loading as positive vs negative amount

UnknownUnknown Member
edited December 2018 in Investing (Windows)
Using Quicken Deluxe 2016 R8, I've added a loan from SE Toyota Finance, but the amount of the loan is coming in as an asset, not a liability - any idea how to correct, or is this an issue specific to SETF?

Comments

  • NotACPANotACPA SuperUser, Windows Beta Beta
    edited October 2018
    By "coming in as an asset" do you mean that you're downloading from SETF into your Q loan account with them?  And that SETF is sending that erroneous transaction?
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • UKRUKR SuperUser ✭✭✭✭✭
    edited October 2018
    My 2 cent's worth on this issue:

    Forget about setting up a car loan for transaction downloading.
    Instead set it up as a "manual loan" (might say "Advanced Setup") as you go through the Add Account process. Do not connect the loan to the bank for downloading.
    Enter the loan details and also create a Scheduled Reminder for the monthly payments, with proper splits for principal and interest where the principal amount is recorded as a transfer to your loan account.

    If it works properly, when a loan account is activated for downloading, you're at the mercy of the download process and can't enter or view any transactions in the loan account register. All you can ever see is what the bank reports once a month. The scheduled reminder can't even record the payment directly into your loan account register.
    IMHO, connected loan accounts aren't worth the trouble.
    Better use manual accounts.
  • NotACPANotACPA SuperUser, Windows Beta Beta
    edited December 2016
    UKR said:

    My 2 cent's worth on this issue:

    Forget about setting up a car loan for transaction downloading.
    Instead set it up as a "manual loan" (might say "Advanced Setup") as you go through the Add Account process. Do not connect the loan to the bank for downloading.
    Enter the loan details and also create a Scheduled Reminder for the monthly payments, with proper splits for principal and interest where the principal amount is recorded as a transfer to your loan account.

    If it works properly, when a loan account is activated for downloading, you're at the mercy of the download process and can't enter or view any transactions in the loan account register. All you can ever see is what the bank reports once a month. The scheduled reminder can't even record the payment directly into your loan account register.
    IMHO, connected loan accounts aren't worth the trouble.
    Better use manual accounts.

    This is basically my thinking on the matter also. But I wanted to clarify the OP's somewhat confusing intent first.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • UnknownUnknown Member
    edited October 2016

    By "coming in as an asset" do you mean that you're downloading from SETF into your Q loan account with them?  And that SETF is sending that erroneous transaction?

    Yes, that's the way it looks.
  • UnknownUnknown Member
    edited October 2016
    UKR said:

    My 2 cent's worth on this issue:

    Forget about setting up a car loan for transaction downloading.
    Instead set it up as a "manual loan" (might say "Advanced Setup") as you go through the Add Account process. Do not connect the loan to the bank for downloading.
    Enter the loan details and also create a Scheduled Reminder for the monthly payments, with proper splits for principal and interest where the principal amount is recorded as a transfer to your loan account.

    If it works properly, when a loan account is activated for downloading, you're at the mercy of the download process and can't enter or view any transactions in the loan account register. All you can ever see is what the bank reports once a month. The scheduled reminder can't even record the payment directly into your loan account register.
    IMHO, connected loan accounts aren't worth the trouble.
    Better use manual accounts.

    Sounds like it's a pretty common problem.  Would be nice if they just fixed it - thanks for the feedback though.


  • NotACPANotACPA SuperUser, Windows Beta Beta
    edited December 2016
    UKR said:

    My 2 cent's worth on this issue:

    Forget about setting up a car loan for transaction downloading.
    Instead set it up as a "manual loan" (might say "Advanced Setup") as you go through the Add Account process. Do not connect the loan to the bank for downloading.
    Enter the loan details and also create a Scheduled Reminder for the monthly payments, with proper splits for principal and interest where the principal amount is recorded as a transfer to your loan account.

    If it works properly, when a loan account is activated for downloading, you're at the mercy of the download process and can't enter or view any transactions in the loan account register. All you can ever see is what the bank reports once a month. The scheduled reminder can't even record the payment directly into your loan account register.
    IMHO, connected loan accounts aren't worth the trouble.
    Better use manual accounts.

    What sort of fix, for this specific situation, would you expect.  That Q selectively decide to ignore some transactions that are downloaded from your Bank/Card/Broker/etc.???

    That's just a disaster waiting to happen.
    The fix MUST come from SETF ... who's sending the erroneous data.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • UnknownUnknown Member
    edited October 2016
    UKR said:

    My 2 cent's worth on this issue:

    Forget about setting up a car loan for transaction downloading.
    Instead set it up as a "manual loan" (might say "Advanced Setup") as you go through the Add Account process. Do not connect the loan to the bank for downloading.
    Enter the loan details and also create a Scheduled Reminder for the monthly payments, with proper splits for principal and interest where the principal amount is recorded as a transfer to your loan account.

    If it works properly, when a loan account is activated for downloading, you're at the mercy of the download process and can't enter or view any transactions in the loan account register. All you can ever see is what the bank reports once a month. The scheduled reminder can't even record the payment directly into your loan account register.
    IMHO, connected loan accounts aren't worth the trouble.
    Better use manual accounts.

    No, the fix I was expecting is that they would advise SETF that their downloads are incorrect and advise them to fix it.  Surely they have an integration team and this is not the type of problem that only happens once.


  • NotACPANotACPA SuperUser, Windows Beta Beta
    edited December 2016
    UKR said:

    My 2 cent's worth on this issue:

    Forget about setting up a car loan for transaction downloading.
    Instead set it up as a "manual loan" (might say "Advanced Setup") as you go through the Add Account process. Do not connect the loan to the bank for downloading.
    Enter the loan details and also create a Scheduled Reminder for the monthly payments, with proper splits for principal and interest where the principal amount is recorded as a transfer to your loan account.

    If it works properly, when a loan account is activated for downloading, you're at the mercy of the download process and can't enter or view any transactions in the loan account register. All you can ever see is what the bank reports once a month. The scheduled reminder can't even record the payment directly into your loan account register.
    IMHO, connected loan accounts aren't worth the trouble.
    Better use manual accounts.

    Why don't you advise SETF of that?  As their customer, you'll have more clout than would Quicken, a mere vendor to SETF.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
This discussion has been closed.