Payments to Home Equity Loan - how do I split he Interest and Principal ( Q-Mac 2017)

When I make a payment to my Home Equity Account (HEL) the payment is in two parts, Principal and Interest.  My bank does not allow Quicken to download transactions from the HEL and I have to manually enter values.  I figured the easiest way was to SPLIT the transaction in the Bank Account and TRANSFER to the HEL Account.  Both entries transfer as negatives increasing the loan amount.  The payment to principal should be positive reducing the amount of the loan.  SPLITing obviously does not work.  Do I have to just enter values manually?

Note to developers - this needs to be fixed somehow.

A previous users question was answered with a suggestion that the "Loan Wizard" be used.  I cannot find any such tool on the Mac Version.


  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited October 2018
    In that payment from your Bank to the HELOC, your need to split the transaction  and direct ONLY the principal portion to  the HELOC account and the remainder to an Interest Expense Category.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Judy LevinsonJudy Levinson Member
    edited April 2018
    Reply to NotACPA:  Your reply requires a lot of manual labor and also does not sync with what the bank sends in. 

    Quicken has major issues with Home Equity Loans.  I've been using Quicken since right after they have started business.  I've recently tried tracking a HELOC account and Quicken does this all wrong.  They are treating it as a credit card account, which is not correct.  I cannot change it to a loan because then I can't use online reconciliation because it either isn't available or it tells me I don't have that type of account at my bank.  when I say HELOC, it finds it just fine, but then treats it incorrectly.  Perhaps some HELOC loans are just like credit card accounts, but at least my HELOC loan is more like a regular loan account and Quicken doesn't give one the choice of how to treat it.

    My bank previously treated this as a regular loan and I was getting relatively accurate information and Quicken was accounting for it correctly, separating interest and principal.  But the bank has changed their system and now it only finds the loan if I categorize it as HELOC and then Quicken categorizes it as a credit card account and treats it incorrectly.  The only thing I can do in Quicken is tell it it's a liability account so it puts in the correct place in my side bar, but doesn't change the way Quicken treats it.  Quicken won't allow me to link to the original account where it was treated correctly, and they won't let me access it online if I don't call it a HELOC.  So Quicken has some major work to do to clean this up.  Unless, of course, it's been fixed in the 2018 version, which I don't have , (I am using Windows Quicken Premier 2017) but I doubt it.
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