Quicken for Mac 2017 v4.5, 4.5.1, 4.5.2 & 4.5.3 Released
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We modeled our behavior after QWin. The only thing that matters is that the interest paid each month is 100% accurate since this is what ultimately determines how much your balance is reduced. From a math perspective, anything left over from your monthly payment after interest is taken out is considered principal and in turn, reduces your loan balance.J. Holmes said:Loans is one of the features that I have been looking forward to having moved from QW. I am really excited. Thanks.
When I setup a loan, the principal + interest calculation doesn't always equal the true total monthly loan payment. I used the pencil to manually enter my true monthly loan payment amount and the difference is allocated to Extra Principal. However, the amount isn't really "extra principal".
In QW, you had the ability to edit the total payment amount and thereafter, the principal + interest calculations would adjust accordingly. Thereafter, you could add a value for true "extra principal".
Not certain which methodology (QM or QW) provides the best result. However, I am hoping that once I post the transaction in a few days, I will have the ability to adjust the principal + interest amounts appropriately.
Kuddos to the Mac Development Team. I also enjoy the UX enhancements (e.g. clear filters).
Unfortunately, it's nearly impossible to get everything 100% accurate because of rounding issues. From our testing, it appears different institutions use different rounding algorithms and a different number of decimal places to do calculations which also alters things slightly. You did the exact right thing by using the pencil to change the calculated payment to match your payment. If your loan provider gives you an updated amortization table based on your current balance, check the interest amount and make sure that matches the amortization table Quicken generates since this impacts your balance going forward.0 -
This might be a bug. We have not added the ability to track transfers in budgets yet. We understand this is a need but haven't worked on it yet.J. Holmes said:From the release notes above, there is not suppose to be any new budget features. However, when I was playing around with the budget, I had the ability to select "Transfer" as a category. The default Transfer category is associated with credit card payments.
Can you now budget for Transfer: Credit Card Payment in this new release? On a side note, when I go back in to edit my budget and select/unselect categories, I no longer see Transfer as a category.
Is this future functionality that slipped into this release or something that was added in a prior release that I missed. Either way, it does not seem like the functionality is fully functional. I use Transfer: Credit Card Payment for all my credit card payments. Generally regardless if I budget an amount for a category or not, you can see the actual spending in the far right column.
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Direct Connect accounts are the only ones I can use Command-U with now (4.5.0). Web Connect and Quicken Connect accounts both have that command disabled.Thomas said:I am using 4.5.1 Prior to this I could select a Web Connect Account and type Command U and I would be taken to the financial site to download the Web Connect file. It is now greyed out and cannot use the command.
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We don't think most auto loans will work correctly. If you have an auto loan that works like a mortgage then it should work fine where the payment period defines the interest calculations. What we've found is that many auto loans appear to use a method of calculating interest called daily simple interest but have a monthly payment period. The way this works is that a daily interest amount is calculated based on the current balance of the loan. This amount is applied daily until another payment is received at which point a new daily interest is calculated and the process starts over again. This is different from a mortgage where the balance that is used to calculate interest is typically only recalculated at the end of the payment period. Paying a few days early on a mortgage doesn't change the interest paid for that month. Alternatively, making a payment on a car loan early actually does materially change the interest paid because the balance is reduced when a payment is received and the daily interest amount is reduced going forward. The bottom line is there's a little more work we have to do to make this work the way we think it should and the plan is to get that into version 4.6.qmac_scott said:The mortgage loan feature will be VERY much appreciated! Is there a timeline for when we will see other simple loan types supported (in particular: auto loans)?
Also, is there any chance you've added some way to search all transactions (including hidden accounts)? Very frequently I am trying to find history of some old purchase in an account I no longer use (so it is hidden). An option to temporarily show hidden account in the "All Transactions" window would allow this.
Thanks for the hard work adding these new features!0 -
Thanks for reporting this. It sounds like a bug. We disabled Update Selected Online Accounts for Quicken Connect accounts because they cannot be updated individually. All Quicken Connect accounts are updated at the same time but this shouldn't have affected Web Connect accounts. Web Connect and Direct Connect accounts can be updated individually. I'll see if we can get an update in asap.Thomas said:I am using 4.5.1 Prior to this I could select a Web Connect Account and type Command U and I would be taken to the financial site to download the Web Connect file. It is now greyed out and cannot use the command.
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Great to hear that a 4.6 at minimum will be released before 5.0. I look forward to additional great improvements like these for more of the key features and fixes we are all looking for!qmac_scott said:The mortgage loan feature will be VERY much appreciated! Is there a timeline for when we will see other simple loan types supported (in particular: auto loans)?
Also, is there any chance you've added some way to search all transactions (including hidden accounts)? Very frequently I am trying to find history of some old purchase in an account I no longer use (so it is hidden). An option to temporarily show hidden account in the "All Transactions" window would allow this.
Thanks for the hard work adding these new features!0 -
I think we have a fix for this issue in 4.5.3 which we'll release tomorrow or Wed. Sorry, we should have caught that one. Our test team tested all of those parameters but a recent change broke it and we didn't know that change would affect those calculations. The bottom line is we missed it. Thanks for reporting it.Thomas said:When I updated to 4.5.1 I immediately started to use the new loan feature. I ran into some major problems where i could no longer launch the application until i used a backup of my current Quicken file. I assume it became corrupt and caused the crash. Once i started fresh I was able to repeat my steps and continue. I did run into an issue where i could only use “Years” for loan length. When ever I would try another unit no matter how many months it would force the loan to be paid off in 1 year. ie i selected 120 months which should have been 10 years. It would set up payments such that it would be paid off in 1 year. I had to select 10 years in order for the payments to actually be displayed as 10 years. This was with a loan type “Loan”. I also tried 120 payments but with same results.
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Ugh! You're right. The dot should go to the current month. It's basically going to the 1st month of your budget. I'm not sure why that changed but it's a bug. I'll write it up and we'll get it fixed asap.Thomas said:There are problems with the buttons for the Budget. See screen capture with notes. If you click the center button it does not give you the view of current month/year but for me it set it to Jan/2016. After many clicks to get to todays date, if I leave the budget screen and go to anything else say Home Screen then come back the right button sets it to March/2016
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We really narrowed when the Refine 1st Line mode would appear because of the number of complaints we received about accidentally getting into that mode. As it's designed, it's really geared for connected accounts when the payee, category, and total are downloaded. The idea is to be able to create a one off split from a transaction that is basically already correct. Our thinking was that if you were creating a manually entered transaction where you have to type all of that stuff in, then the Refine 1st Line mode wouldn't be as useful and that you could either enter in the split lines separately and let the total reflect the sum of the splits or the remainder mode would work. It sounds like you wanted to use the Refine 1st Line mode for a manually entered transaction so I would love to hear your thoughts on it more and why it would be useful to you.Thomas said:I beleive there is an issue with the Splits. The Refine First Line mode seems to only work correctly if i save the entry and then go back into it. If for example i create a new expense with a greater than zero expense int eh total field, my first line also contains the primary category if i start adding more categories what it does is add a third category to offset the newly added amount. If i delete the new amount with the (-) button it will then increase the overall total. Only if I save the entry first then go back in with the split button does it work correctly where it will subtract from the first line main category to keep the total constant . I did look through the help section and as i read the help file this does not sound like it is working correctly. It appears to be working as described in the last paragraph of the “What New” section for splits.
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I was working with budgeting today and really strange behavior. I have what is normally expenses showing up in my Income Field. This is on the 1 month view. This is very bizarre behavior.
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Thomas said:
I was working with budgeting today and really strange behavior. I have what is normally expenses showing up in my Income Field. This is on the 1 month view. This is very bizarre behavior.
Looks like it is sorting alphabetical... maybe there is a setting to sort by Income vs Expense? I saw that option in the Budget Report.
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I do not normally enter manually. I was only testing and created some fake entries manually and did not realize it was geared towards the downloaded transaction only. I will have to test out on a downloaded transaction.Thomas said:I beleive there is an issue with the Splits. The Refine First Line mode seems to only work correctly if i save the entry and then go back into it. If for example i create a new expense with a greater than zero expense int eh total field, my first line also contains the primary category if i start adding more categories what it does is add a third category to offset the newly added amount. If i delete the new amount with the (-) button it will then increase the overall total. Only if I save the entry first then go back in with the split button does it work correctly where it will subtract from the first line main category to keep the total constant . I did look through the help section and as i read the help file this does not sound like it is working correctly. It appears to be working as described in the last paragraph of the “What New” section for splits.
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Got the update alert for 4.5.1& 2 a few hrs back. Just tried to update( of course I am backed up to the hilt). Update no longer available. Did they pull it?0
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@rick, they may have pulled the update due to issues being reported here.Might be for the betterThomas said:I am using 4.5.1 Prior to this I could select a Web Connect Account and type Command U and I would be taken to the financial site to download the Web Connect file. It is now greyed out and cannot use the command.
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Marcus prudent of you to hold off with further releases until this one is fixed.Thomas said:When I updated to 4.5.1 I immediately started to use the new loan feature. I ran into some major problems where i could no longer launch the application until i used a backup of my current Quicken file. I assume it became corrupt and caused the crash. Once i started fresh I was able to repeat my steps and continue. I did run into an issue where i could only use “Years” for loan length. When ever I would try another unit no matter how many months it would force the loan to be paid off in 1 year. ie i selected 120 months which should have been 10 years. It would set up payments such that it would be paid off in 1 year. I had to select 10 years in order for the payments to actually be displayed as 10 years. This was with a loan type “Loan”. I also tried 120 payments but with same results.
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Thanks Rick I see itConcordman said:Got the update alert for 4.5.1& 2 a few hrs back. Just tried to update( of course I am backed up to the hilt). Update no longer available. Did they pull it?
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We will continue to refine loans until we're at a happy place. There are also a few other things that we want to improve in 2017 but to set expectations appropriately there won't be any major new features on the same scale as loans. A large portion of our team is already working on the next release. Unfortunately, there's a ton of under-the-hood work to continue the process of technically separating ourselves from Intuit. If we do everything right, most people won't notice but it's a lot of infrastructure work which means we aren't working on the other QWin and Q2007 feature gap work we want to do. Anyway, there's more to come.qmac_scott said:The mortgage loan feature will be VERY much appreciated! Is there a timeline for when we will see other simple loan types supported (in particular: auto loans)?
Also, is there any chance you've added some way to search all transactions (including hidden accounts)? Very frequently I am trying to find history of some old purchase in an account I no longer use (so it is hidden). An option to temporarily show hidden account in the "All Transactions" window would allow this.
Thanks for the hard work adding these new features!0 -
It's not up anymore. If you get the update alert and don't dismiss it, you will still be able to update it even if it's hours later. People just won't get the update message anymore.0
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@Concordman, they don't generally "pull" these releases, but they limit them to a small group of users at a time. That allows the development team to see if problems surface which weren't discovered during beta testing -- or in some cases, like this one apparently, got added in late in development while fixing something else. Because this 4.5 version contains a major new feature, lots of enhancements and tweaks in other areas, and many bug fixes, it's not surprising that some bugs trickled through. This staged release process allows them to immediately pounce on a reported problem and fix it -- within a day sometimes, as we've seen twice since late last week.Thomas said:When I updated to 4.5.1 I immediately started to use the new loan feature. I ran into some major problems where i could no longer launch the application until i used a backup of my current Quicken file. I assume it became corrupt and caused the crash. Once i started fresh I was able to repeat my steps and continue. I did run into an issue where i could only use “Years” for loan length. When ever I would try another unit no matter how many months it would force the loan to be paid off in 1 year. ie i selected 120 months which should have been 10 years. It would set up payments such that it would be paid off in 1 year. I had to select 10 years in order for the payments to actually be displayed as 10 years. This was with a loan type “Loan”. I also tried 120 payments but with same results.
Quicken Mac Subscription • Quicken user since 19930 -
We don't have that option on the Mac version.Thomas said:I was working with budgeting today and really strange behavior. I have what is normally expenses showing up in my Income Field. This is on the 1 month view. This is very bizarre behavior.
Thomas, I haven't been able to reproduce that issue. What were you doing before this happened? If you quit and go back to it, does it correct itself or is it still in a bad state?0 -
Yah. I should have been most explicit in the notes. Thanks.Thomas said:I beleive there is an issue with the Splits. The Refine First Line mode seems to only work correctly if i save the entry and then go back into it. If for example i create a new expense with a greater than zero expense int eh total field, my first line also contains the primary category if i start adding more categories what it does is add a third category to offset the newly added amount. If i delete the new amount with the (-) button it will then increase the overall total. Only if I save the entry first then go back in with the split button does it work correctly where it will subtract from the first line main category to keep the total constant . I did look through the help section and as i read the help file this does not sound like it is working correctly. It appears to be working as described in the last paragraph of the “What New” section for splits.
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@Concordman, the reason you didn't get the update a few hours after you skipped over the update-available notice was not that the release was pulled, but that all the copies available for this limited stage of release were downloaded by other users by the time you tried to get it. (I explain why they do this in this response to one of your other posts.)Concordman said:Got the update alert for 4.5.1& 2 a few hrs back. Just tried to update( of course I am backed up to the hilt). Update no longer available. Did they pull it?
Quicken Mac Subscription • Quicken user since 19930 -
@jacobs, interesting , keep learning more & more here. FWIW, I am happy to get bumped based on the issues being reported here.Concordman said:Got the update alert for 4.5.1& 2 a few hrs back. Just tried to update( of course I am backed up to the hilt). Update no longer available. Did they pull it?
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The good thing is that the process is working as they intend it to. Well, ideally there would be no bugs at all, and they could move from limited release to full release within a few days. But since it's been more than four months since the last update, and there are so many changes and a major new feature, they knew it was likely there would be some glitches that surface as more people started using it. By doing these staged releases, they get the necessary feedback without inconveniencing the entire user base, and they can make multiple quick iterations to fix any of the bugs identified. (But it can be confusing if you see and skip an update notice, then come back a little later to get the update, and it tells you you have the latest version.)Concordman said:Got the update alert for 4.5.1& 2 a few hrs back. Just tried to update( of course I am backed up to the hilt). Update no longer available. Did they pull it?
Quicken Mac Subscription • Quicken user since 19930 -
OK. I now have QM2017 4.5.2, and I just converted my mortgage from a liability account to a new loan account. The loan account appears to be setup correctly and has added the scheduled transaction.
However, on the loan payment setup, I cannot pick the category that I have set up to track mortgage spending in my budget. It's setup only to do a transfer to the loan account from the bank account. Of course budgets aren't currently able to track transfers. Now I have a problem. The shot below shows the principal and extra principal with no options to pick a category.
That leads to this screen clearly indicating a transfer only has been setup:
Notice the principal is only setup as a transfer reminder and remember how we can't budget transfers. So now what do I do to track mortgage spending in my budget?
Suggestions:
1. Add transfers to budgets so that I can see this money being spent on the mortgage principal
2. Allow us to set the category for mortgage principal and setup monthly principal reductions in the mortgage (loan) account
Any workaround ideas anyone?
QMac Subscription - iMac - Quicken Mac user since 19950 -
Also, the future scheduled transaction date didn't update when I changed it from the loan account.Snoopy FC said:OK. I now have QM2017 4.5.2, and I just converted my mortgage from a liability account to a new loan account. The loan account appears to be setup correctly and has added the scheduled transaction.
However, on the loan payment setup, I cannot pick the category that I have set up to track mortgage spending in my budget. It's setup only to do a transfer to the loan account from the bank account. Of course budgets aren't currently able to track transfers. Now I have a problem. The shot below shows the principal and extra principal with no options to pick a category.
That leads to this screen clearly indicating a transfer only has been setup:
Notice the principal is only setup as a transfer reminder and remember how we can't budget transfers. So now what do I do to track mortgage spending in my budget?
Suggestions:
1. Add transfers to budgets so that I can see this money being spent on the mortgage principal
2. Allow us to set the category for mortgage principal and setup monthly principal reductions in the mortgage (loan) account
Any workaround ideas anyone?
QMac Subscription - iMac - Quicken Mac user since 19950 -
I have a 2017 budget that defaulted right to 2017 within 4.4.3, but 4.5.2 defaults back to 2016 because it changed the default date for the budget back to 2016. See the screenshot below:Thomas said:There are problems with the buttons for the Budget. See screen capture with notes. If you click the center button it does not give you the view of current month/year but for me it set it to Jan/2016. After many clicks to get to todays date, if I leave the budget screen and go to anything else say Home Screen then come back the right button sets it to March/2016
This has got to be a bug. It should default the budgeted date set in the budget screen.QMac Subscription - iMac - Quicken Mac user since 19950 -
I also had a problem with a Nationstar loan. In my case there were 2 issues. First, this was a 5/1 variable from 2004 and the rate is higher now than it was a few years ago. If I set it up as a 30 year loan, the calculated total amount was too high. I fixed this by making it a 17 year loan starting from the last adjustment period. This got me close, but to get the total amount right, I had to add $199 to the Original Balance. Only then was the total exactly correct. I could have just used the pencil to adjust the total, but I wanted the numbers to come out right on their own. I wonder if Nationstar is calculating the mortgage based on the pay-off amount instead of the outstanding balance?J. Holmes said:Loans is one of the features that I have been looking forward to having moved from QW. I am really excited. Thanks.
When I setup a loan, the principal + interest calculation doesn't always equal the true total monthly loan payment. I used the pencil to manually enter my true monthly loan payment amount and the difference is allocated to Extra Principal. However, the amount isn't really "extra principal".
In QW, you had the ability to edit the total payment amount and thereafter, the principal + interest calculations would adjust accordingly. Thereafter, you could add a value for true "extra principal".
Not certain which methodology (QM or QW) provides the best result. However, I am hoping that once I post the transaction in a few days, I will have the ability to adjust the principal + interest amounts appropriately.
Kuddos to the Mac Development Team. I also enjoy the UX enhancements (e.g. clear filters). 0 -
In 4.5.2, when setting up the Loan Details, I found that if you use the calendar widget in a date field, the resulting date doesn't propagate changes to the other fields. If you use the keyboard +/- or up/down on the date, then it does impact the other fields.0
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In 4.5.2, I had converted my mortgage liability account to a Loan. Then I went to set up automatic download, and I was surprised that I couldn't link my Loan account. My only options were Ignore or set up a new account. So I just cancelled out. Eventually, I realized that I could use the Edit Loan and Payment Terms screen to change the Loan Type to "Mortgage". Once I did this, I was able to set up Automatic Download again, and this time my Mortgage (not Loan) account was offered for linking.
I think it would be nice if non-downloaded Loan accounts were also offered for linking, and if the link is established, then the Loan Type could be changed to Mortgage (or whatever is appropriate) automatically.0
