nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Fixed Annity Payments

dbochinero

I converted a variable annuity to a fixed annuity with a 60 month payout. Does Quicken 2018 have a way to track the monthly payments? OR do I have to manually enter them? There is no online services provided for this annuity. Wondering if Quicken can calculate the payments.

Find more posts tagged with

Comments

NotACPA

Are the monthly payments all for the same amount? If so, just record the 1st one manually, and then use that to schedule a repeating transaction.

dbochinero

Are the monthly payments all for the same amount? If so, just record the 1st one manually, and then use that to schedule a repeating transaction.

The payments are the same, but the split is different each time. Sorta like a mortgage payment.

Tom Young

Are the monthly payments all for the same amount? If so, just record the 1st one manually, and then use that to schedule a repeating transaction.

If the payment stream and the asset reduction are enough like a mortgage payment then you might be able to set this up as a lending loan with reminders that are automatically entered in the checking Account and the Asset Account.

If that's not possible then you can still set up the reminders for the deposit into the checking Account with pro-forma split amounts between income and asset reduction and then edit the entries after the fact based on statements provided by the financial institution.

NotACPA

Do you know (or, can you find) the formula for calculating the split? If not, there's no chance of Q being able to calculate the split.
Your best bet is, as Tom suggested, just using a pro-forma (I'd call it "generic") transaction and edit it when the split amounts are known.

dbochinero

Oh yes, I already know the splits, I ran the interest calculations in Excel. I was hoping Q had already built it into the program, like a mortgage. So like you both suggest, I will set up a recurring income reminder and drop in the figures each month. Thanks for your time and answers.

dbochinero

Are the monthly payments all for the same amount? If so, just record the 1st one manually, and then use that to schedule a repeating transaction.

I just saw your answer Tom, after I replied to SuperUser. I didn't know about lending loan! That could very well be the answer. I will play around with it this afternoon. THANKS!

NotACPA

My question wasn't "do you know the amounts of past splits", but rather "do you know how the FI will calculate those splits going forward"?
Is the rate for that interest calculation always the same ... or can it vary? Does the interest amount decrease, like mortgage interest, over the life of the annuity payment?

Tom Young

Oh yes, I already know the splits, I ran the interest calculations in Excel. I was hoping Q had already built it into the program, like a mortgage. So like you both suggest, I will set up a recurring income reminder and drop in the figures each month. Thanks for your time and answers.

The point is, if the payments and interest rate are fixed and amortize predictably over a time certain then Quicken probably can calculate the future payments for you.