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Trouble with loans

Annette C Hammond
Annette C Hammond Member ✭✭
edited September 2018 in Investing (Windows)
I have QPremier/RPM. I build and rent commercial property.  I entered all my bank loans and want to post the payments to a building category. When I do this the loan register does not pick up the payments. I do not use any any payments plans or banking. everything is done manually.  How do I fix this

Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited September 2018

    You cannot do both a transfer and a categorization of the same amount at the same time in Quicken for Windows.

    For a loan account that is set up as a "manual loan", not connected to the bank for transaction and status downloading:
    The scheduled payment reminder categorizes the amount of Principal (and optionally Additional Principal) paid from your checking account as a transfer to the loan account, to reduce the outstanding balance. That's all you can do.

    No offense, but from the questions that you ask here, I'm beginning to get the feeling that you should convert to QuickBooks or any other full featured accounting and/or property management software package.
    Quicken, a personal financial management program, is not designed for heavy duty professional property management.

  • Annette C Hammond
    Annette C Hammond Member ✭✭
    edited January 2018
    UKR said:

    You cannot do both a transfer and a categorization of the same amount at the same time in Quicken for Windows.

    For a loan account that is set up as a "manual loan", not connected to the bank for transaction and status downloading:
    The scheduled payment reminder categorizes the amount of Principal (and optionally Additional Principal) paid from your checking account as a transfer to the loan account, to reduce the outstanding balance. That's all you can do.

    No offense, but from the questions that you ask here, I'm beginning to get the feeling that you should convert to QuickBooks or any other full featured accounting and/or property management software package.
    Quicken, a personal financial management program, is not designed for heavy duty professional property management.

    thanks
  • Michael Jones
    Michael Jones Member, Windows Beta Beta
    edited February 2018
    UKR said:

    You cannot do both a transfer and a categorization of the same amount at the same time in Quicken for Windows.

    For a loan account that is set up as a "manual loan", not connected to the bank for transaction and status downloading:
    The scheduled payment reminder categorizes the amount of Principal (and optionally Additional Principal) paid from your checking account as a transfer to the loan account, to reduce the outstanding balance. That's all you can do.

    No offense, but from the questions that you ask here, I'm beginning to get the feeling that you should convert to QuickBooks or any other full featured accounting and/or property management software package.
    Quicken, a personal financial management program, is not designed for heavy duty professional property management.

    Well, you CAN cheat and edit the reminder transaction that's created to go to whatever category you want.  It just won't do that for your by default when you go through the 'setup loan' wizard that automatically setups the mortgage payment.  

    You can also 'trick' Quicken into doing some double book accounting by editing the memorized transaction and adding $0 offsetting transactions with one going to whatever category you want.  But that's really only useful if the amount between the building and interest never changes.  
  • Annette C Hammond
    Annette C Hammond Member ✭✭
    edited February 2018
    UKR said:

    You cannot do both a transfer and a categorization of the same amount at the same time in Quicken for Windows.

    For a loan account that is set up as a "manual loan", not connected to the bank for transaction and status downloading:
    The scheduled payment reminder categorizes the amount of Principal (and optionally Additional Principal) paid from your checking account as a transfer to the loan account, to reduce the outstanding balance. That's all you can do.

    No offense, but from the questions that you ask here, I'm beginning to get the feeling that you should convert to QuickBooks or any other full featured accounting and/or property management software package.
    Quicken, a personal financial management program, is not designed for heavy duty professional property management.

    the amount changes every month, I am not hooked to the internet and never will be.  I just need nto make sure the laon goes to the building as an expense
  • Michael Jones
    Michael Jones Member, Windows Beta Beta
    edited February 2018
    UKR said:

    You cannot do both a transfer and a categorization of the same amount at the same time in Quicken for Windows.

    For a loan account that is set up as a "manual loan", not connected to the bank for transaction and status downloading:
    The scheduled payment reminder categorizes the amount of Principal (and optionally Additional Principal) paid from your checking account as a transfer to the loan account, to reduce the outstanding balance. That's all you can do.

    No offense, but from the questions that you ask here, I'm beginning to get the feeling that you should convert to QuickBooks or any other full featured accounting and/or property management software package.
    Quicken, a personal financial management program, is not designed for heavy duty professional property management.

    Well you can do that, just don't ever setup the mortgage as a loan then.  Just making it a memorized transaction and set the split manually however you want (principle to wherever and interest to wherever).  If you are going to have to futz with it every month, then there is no harm and you can 'edit' and adjust the split when you enter the memorize transaction every month.

    Or if you want to use the setup payment that Quicken does for the loan, the default setup is almost never associated with the actual loan account.  Instead, Quicken usually defaults to a 'payment', 'interest', 'other' category setup.  I just did this for a new car I bought last month and had to edit the payment split screen to actually put the parts of the payment where I wanted it to go.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited February 2018
    UKR said:

    You cannot do both a transfer and a categorization of the same amount at the same time in Quicken for Windows.

    For a loan account that is set up as a "manual loan", not connected to the bank for transaction and status downloading:
    The scheduled payment reminder categorizes the amount of Principal (and optionally Additional Principal) paid from your checking account as a transfer to the loan account, to reduce the outstanding balance. That's all you can do.

    No offense, but from the questions that you ask here, I'm beginning to get the feeling that you should convert to QuickBooks or any other full featured accounting and/or property management software package.
    Quicken, a personal financial management program, is not designed for heavy duty professional property management.

    Guys,
    are you aware of the fact that the Scheduled Reminder created by the mortgage setup process correctly calculates the amounts of principal and interest for every monthly payment and plugs it into the Split?

    Under normal conditions, no "monthly editing of the reminder" required.

    Here's what my Split detail for my manual mortgage payment from my checking account looks like:

    image

    Principal and additional principal amounts transfer to the mortgage account, reducing its balance.
    Interest goes to a category.
    Escrow transfers into a separate escrow account.

    If you want Quicken to be able to properly manage the loan for you and show correct loan views and payment details, do not mess with this reminder.

    Do not try to make Quicken do things that it isn't designed to do ... Unless you want to waste your time and still not like the results ...

  • Michael Jones
    Michael Jones Member, Windows Beta Beta
    edited February 2018
    UKR said:

    You cannot do both a transfer and a categorization of the same amount at the same time in Quicken for Windows.

    For a loan account that is set up as a "manual loan", not connected to the bank for transaction and status downloading:
    The scheduled payment reminder categorizes the amount of Principal (and optionally Additional Principal) paid from your checking account as a transfer to the loan account, to reduce the outstanding balance. That's all you can do.

    No offense, but from the questions that you ask here, I'm beginning to get the feeling that you should convert to QuickBooks or any other full featured accounting and/or property management software package.
    Quicken, a personal financial management program, is not designed for heavy duty professional property management.

    Yes, I'm aware.  I have tracked 6 mortgages in quicken with no problems over the years.  Just not clear what Annette is trying to do that she seems to not be able to do from your picture.  

    If you want the loan to auto-calculate amortization, then let it, and just edit the reminder to charge whatever you want it too.  You can make both the P & I charge the same category, different categories, different accounts, etc. without resorting to anything special as you and I have noted.

    If Quicken won't calculate your note correctly (for instance, maybe it's an interest only note, which Quicken doesn't support under the category of loan calculation), then simply make a memorized transaction/bill to whatever category you want and then when  you enter it every month just put in the amount(s) to whatever categories you want.

    It's really that simple.
  • Annette C Hammond
    Annette C Hammond Member ✭✭
    edited February 2018
    UKR said:

    You cannot do both a transfer and a categorization of the same amount at the same time in Quicken for Windows.

    For a loan account that is set up as a "manual loan", not connected to the bank for transaction and status downloading:
    The scheduled payment reminder categorizes the amount of Principal (and optionally Additional Principal) paid from your checking account as a transfer to the loan account, to reduce the outstanding balance. That's all you can do.

    No offense, but from the questions that you ask here, I'm beginning to get the feeling that you should convert to QuickBooks or any other full featured accounting and/or property management software package.
    Quicken, a personal financial management program, is not designed for heavy duty professional property management.


    Thanks everyone.  My main problem is that 1st- I do not use downloads, 2nd-I have to wait for the bank statement to pay  the loan(this gives me principal and interest.   I took out a loan from the bank to build a building. the check book pays  back the loan.

      I need to show the loan is an expense(category to the building ).    I own the building.  I hope this makes more sense.  More often than not everyone is telling me it cannot be done.???  Maybe I don't know enough about the loan process yet?

  • Michael Jones
    Michael Jones Member, Windows Beta Beta
    edited February 2018
    UKR said:

    You cannot do both a transfer and a categorization of the same amount at the same time in Quicken for Windows.

    For a loan account that is set up as a "manual loan", not connected to the bank for transaction and status downloading:
    The scheduled payment reminder categorizes the amount of Principal (and optionally Additional Principal) paid from your checking account as a transfer to the loan account, to reduce the outstanding balance. That's all you can do.

    No offense, but from the questions that you ask here, I'm beginning to get the feeling that you should convert to QuickBooks or any other full featured accounting and/or property management software package.
    Quicken, a personal financial management program, is not designed for heavy duty professional property management.

    Annette, if you are talking about the screen when you click on the loan that shows the picture at the top and that not going down if you don't have transactions posting into that account, I find those graphs to very unreliable.  They only work in a very 'conventional' mode of loans.
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